Logo
Cardano Ecosystem

BitcoinEthereumNews

08/16/2022

·

499 views


Cardano Price Analysis: ADA Hovers Below $0.60; What’s Next?

The post Cardano Price Analysis: ADA Hovers Below $0.60; What’s Next? appeared on BitcoinEthereumNews.com. Cardano price analysis indicates the comeback of bulls after the previous session’s pullback.  The coin opened lower but managed to bounce back in the pre-U.S....

Cardano Price Analysis: ADA Hovers Below $0.60; What’s Next?

Cardano price analysis indicates the comeback of bulls after the previous session’s pullback.  The coin opened lower but managed to bounce back in the pre-U.S. session. The price found reliable support at around $0.54 as in the previous three-session it helped ADA buyers in sustaining gains.

As of publication time, ADA/USD is reading at $0.56, up 2.31% for the day. The market cap of the coin has reached above $19.8 billion according to CoinMarketCap, with a gain of 2.3% in the last 24 hours. As the price shoots up, the trading volume increased by 6% as compared to the previous trading session.

  • Cardano’s price prints fresh gains following a pullback in the last session.
  • Double support around $0.54 makes buyers hopeful.
  • A daily candlestick above $0.56 would further strengthen the bullish thesis.

Cardano price looks for more gains

Source: Trading view

Cardano price analysis on the daily chart interprets the continuation of the upside momentum. ADA is trading inside a rising channel, making higher highs and higher lows. Currently, the price is facing an upside filter near the multiple resistance zone near %0.56.

The ascending channel project the price near the psychological $0.60 level. Additional buying pressure would further push the price higher trajectories. ADA bulls look charged up as they managed to sustain the key support level.

Next, market participants would aim for June 9 high at $0.65.

The On balance volume (OBV) indicator rises as the price moves higher, signaling participation from the buyers in the rally.

On the contrary, a shift in the bearish sentiment could reverse the course of action. In that case, the bears might test the low of August 13 at $0.53.

Intense selling pressure would further drag the price toward the 50-day exponential moving average (EMA) at $0.50.

4-hour chart Cardano price test crucial support level

Source: Trading view

On the four-hour chart time frame, the Cardano price took retraced from the highs of $0.59 (as shown by the big red candle stick). The asset took support at the $0.50 Fibo. retracement level around $0.54. Thus, making it a crucial level to trade.

Also read: http://Cardano (ADA) Flips XRP As 6th Largest Crypto; Will Bulls Break Past $0.55?

In the last few hours, the bulls managed to bounce back amid a spike in the buying orders. A successful attempt above %0.58 on the 4-hour chart could mean more gains store for ADA buyers. The formation of several Doji candlesticks near the support zone limits the downside risk.

The RSI attempts to breach the average line, which if happens would be favorable for the bulls. Currently, it reads at 56.

The post Cardano Price Analysis: ADA Hovers Below $0.60; What’s Next? appeared first on CoinGape.

Source: https://coingape.com/markets/cardano-price-analysis-ada-hovers-below-0-60-whats-next/

AD

Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us


Read Original Article on BitcoinEthereumNews

ORIGINAL SOURCE

https://bitcoinethereumnews.com/technolo...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from BitcoinEthereumNews

See more
Cardano (ADA), Solana (SOL), and TMS Network (TMSN) Offer Exciting Opportunities for Crypto Investors in Q3 2023 – Cryptopolitan - BitcoinEthereumNews.com
BitcoinEthereumNews
Cardano (ADA), Solana (SOL), and TMS Network (TMSN) Offer Exciting Opportunities for Crypto Investors in Q3 2023 – Cryptopolitan - BitcoinEthereumNews.com

03/15/2023

·

1.7K views

Related News

See more
Voting for Us - Catalyst Fund 14

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)