Cardano price analysis: ADA tests $0.51 support with potential to rise up to $0.67

Cardano price analysis shows bullish signs today after yesterday’s downtrend, but price is not out of the danger zone yet. ADA dropped down to $0.5067 yesterday, before racking up more than 4 percent today to move as high as $0.5401. Cardano price could largely be determined by the release of the US CPI data for July that could trigger volatility in the cryptocurrency market. Bulls will be targeting the bullish ascending triangle around the $0.67-$0.69 region while a drop below $0.51 support also remains likely. Price currently sits at $0.5295, between support and first resistance point of $0.55 with market cap rising over 3 percent today to reach 17,873,447,085.

The larger cryptocurrency market showed positive signs across the board with all major cryptos recording significant gains. Bitcoin rose past $23,600 with a 2 percent increment, while Ethereum recorded an 8 percent jump to move as high as $1,800. Among leading Altcoins, Ripple rose 3 percent to $0.37, while Dogecoin made a similar increment to move up to $0.07. Meanwhile, Solana and Polkadot rose 3 and 8 percent, respectively, with the former reaching up to $41.53 and the latter rising as high as $9.54.

Cardano price analysis: ADA market valuation spikes on 24-hour chart

On the 24-hour candlestick chart for Cardano price analysis, price can be seen coming back strongly from yesterday’s setback down to $0.50. However, price remains above the 21-day moving average at $0.5080 that is offering current support. On the 24-hour chart, ADA can be seen taking advantage of buying action that has been supported by an uptrend since mid-July. Cardano price has formed a bullish ascending triangle with a breakout to $0.55 possible along with further increments towards the $0.67-$0.69 resistance.

In this reference, the 24-hour relative strength index (RSI) can be seen spiking up to 56.73 after increased buyer interest. Meanwhile trading volume rose 17 percent over the past 24 hours. The moving average convergence divergence (MACD) curve offers bearish evidence meanwhile, showing a bearish divergence in place. A downtrend could quickly set price on course down to $0.50 and into the 50DMA at $0.48.

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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-08-10/