Cardano Price Preparing for A 15% Rally, Will it End Up Trading Above $0.8?

Cardano price after being among the top gainers recently appears to be stuck within some ranges for the past couple of hours. The bulls had regained control and gained a significant strength that compelled the price to slice through some important resistance levels. While the ADA price had made a strong move beyond $.63, the market sentiments turned bearish dragging the price below $0.6 yet again. 

On the other hand, Bitcoin which was maintaining a significant strength above $31,000, dropped hard below $30,000 in minutes, shaking the entire crypto space. And hence Cardano price also witnessed a dreadful along with the other popular altcoins in the market. In such a misty scenario, how will the ADA price react in the next couple of hours?

Cardano (ADA) Price Daily Analysis

ADA price was trading around $0.63 after rebounding from the lows below $0.5, appreciating by nearly 50% since the beginning of June’s trade. Despite the current turbulence, the bulls still appear to be in control. On the other hand, the volume bars are in favour of the bulls and hence the price may resume heading towards the north very soon. With the next bullish leg, the ADA price may head back towards the upper resistance close to $0.8. 

ADA Price Technical Analysis

The ADA price, considering the technicals, the top 6th asset is still pretty bullish. After the buying strength surged over the past couple of days. The buying strength appears to be positive as the MACD displays mounted buying volume. While the RSI is closely hovering around the average levels pointing to the rising dominance of buyers over the sellers. If the buyers maintain their dominance, then the ADA price may place itself above the 50-day MA levels at $0.66. 

On the other hand, Bollinger bands also indicate the upcoming price volatility of the asset as the bands remain squeezed from the beginning of June’s trade. After experiencing an upward pressure from the bears, the Cardano (ADA) price seems to be poised to breakout towards the south at the earliest securing the levels above $0.7.