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Cardano Price Analysis: ADA Consolidates Above $0.25 After Mild Bullish Rally

techsm5

Cardano price analysis indicates that ADA prices are currently consolidating above $0.25 after a strong upward move that started yesterday. The broader cryptocurrency market has enjoyed a moment of relative stability over the past 24 hours, and Cardano appears to have found a foothold in the current range. ADA prices have been fluctuating within a range of $0.2462-$0.2556 and are likely to move further north towards the $0.30 mark if buyers continue to show strength.

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Cryptocurrency price heatmap: Coin360

Cardano’s price analysis shows that ADA has risen 3.18% in the past 24 hours and is trading at $0.2546. ADA’s trading volume has increased by 35.5% and currently stands at $158,578,946. Cardano has shown remarkable resilience in the face of global market volatility and still manages to maintain its current price level despite significant downside pressure. The entire crypto market appears to be bouncing back after a massive price drop in the last quarter of 2022.

Cardano’s price analysis over the 1-day timeframe shows that ADA has remained bullish over the past 24 hours. The bulls are trying to keep the price afloat and so far they have been successful. The price of ADA is approaching the 20-day moving average as well as a previous resistance level at $1.0. ADA prices fell drastically in bear markets, but remained constant, showing remarkable resilience.

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ADA/USD 1 day price chart. Source: Trading View

Technical indicators on the 1-day chart show that the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have both moved into bullish territory, indicating that the bulls may continue to keep the price afloat. during the next negotiation sessions.

Technical analysis of moving averages for ADA shows that the 200-day simple moving average (SMA) is currently trading above the 50-day simple moving average (SMA). This suggests that the long term trend is bullish and the price should remain high in the short term. The Parabolic SAR (stop and reverse) is trading below the current ADA price, indicating that the bulls are currently in control of the market.

Finally, the Awesome Oscillator is showing signs of bullish divergence, indicating that the bulls are gradually taking control and could possibly push prices higher in the coming days. Additionally, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have both moved into bullish territory, indicating that the bulls may continue to keep the price afloat in the upcoming trading sessions. The current buying pressure could lift the price of ADA in the near term as bulls build ADA near support as the downside pressure cools.

Cardano price analysis on a 4-hour chart: the bulls have run out of steam

Looking at Cardano’s 4-hour price analysis, ADA price got trapped in a tighter range, following a powerful uptrend that broke above the 0 resistance level .25 after the recent surge in the crypto market. On the downside, the price is held back by the 0.20 psychological support level and the 50-day moving average.

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ADA/USD 4 hour price chart. Source: Trading View

Meanwhile, the RSI is now hovering around the 50 levels, indicating that there is no strong buying or selling pressure at the moment. The MACD is in bullish territory and remains above the signal line, while the stochastic oscillator approaches the overbought zone. Bulls need to break the 0.25 resistance to restart the uptrend. If they can pull this off, ADA might end up in a strong uptrend and test the resistance level of 0.30.

On the downside, if the bears can defend the 0.20 support, ADA could pull back and form a double bottom before another attempt to break the 0.25 resistance. If that fails, a further retracement at the 0.17 level can be expected. Investors should closely watch the 0.25 and 0.20 levels for any indication of a trend reversal. If prices fall below $0.20, ADA will suffer. Then, the bears could be about to take control of the market again, and the ADA market could be looking at a repeat of last November’s bearish pattern.

Conclusion of Cardano price analysis

Cardano’s price analysis for today shows that ADA is in a mini-rally that could potentially breach the 0.30 resistance level if buying pressure intensifies in the market. The next level to watch is the 0.35 resistance, which if ADA prices are definitely broken, could reach the 0.30 resistance area and another potential breakout.

On the other hand, if the resistance of 0.35 remains intact and the support of 0.20 is broken, the market could find itself at the beginning of a bearish pattern. If the support level of 0.17 is also broken, Cardano could face a possible long-term bear market. However, any bounce off the 0.17 support could still give the bulls an opportunity to fight back and send the market into an uptrend.

techsm5

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