Cardano (ADA) Moved Upwards After Consolidation, What To Expect Next?
June 21 2022 - 11:00PM
NEWSBTC
Cardano showed an uptrend after it was trading laterally, the coin
has now settled above the $0.47 support mark. Over the past week,
the coin gained 7.2% but over the last 24 hours ADA lost 1% of its
market value. After the consolidation, the coin targeted its
immediate resistance mark. If the coin continues to remain at the
current price level then bulls can be back in the market for a
longer time period. The buyers also seem to be back in the market
which has pushed ADA to show signs of relief. If buying strength
loses its vigour then, the coin can move to $0.45, post which the
coin can trade as low as $0.40. Even now the coin seems to be
trading within a tight range, but the push above the $0.49 mark has
displayed itself as a sign of bullishness. With consistent buying
strength, Cardano can move past the $0.50 price mark. Cardano Price
Analysis: Four Hour Chart ADA was trading at $0.51 on the four hour
chart after it broke past its consolidation phase. The closest
support level of the altcoin stood at $0.47 but slight push from
sellers can drag prices to $0.40. There was bullish signals on the
four hour chart. An ascending trendline points at bullishness
(yellow). Push from buyers can help Cardano to rise to $0.52 and
then to $0.56. To invalidate bearish thesis completely the coin has
trade above the $0.56 for substantially long. The volume of Cardano
traded also shot up indicating that buyers were active in the
market. The volume bar was green signifying bullish price action.
Technical Analysis Buying strength painted consistent upward
movement over the past few days. The Relative Strength Index
painted the same picture, the indicator was well above the
half-line. This reading is tied to bullishness as buyers have taken
over the market. Other technical also indicated buyers taking over.
The price of ADA was above the 20-SMA line. A reading above which
signifies that buyers were in control of the price momentum as they
were responsible for driving it forward. Related Reading | Cardano
Resists Downward Pressure, Can ADA’s Price Push Bears Away? ADA’s
buying momentum showed positiveness on the four hour chart. Moving
Average Convergence Divergence depicts price momentum and a trend
reversal too. MACD underwent a bullish crossover and flashed green
signal bars. These green bars are buy signals for the coin, this
meant that bullishness was present in the market. Other indicators
too have shown strength in buyers. Bollinger Bands indicate price
volatility and they were parallel on the chart. Parallel Bollinger
Bands means that price of the asset will hover around the same
price range and that further indicates continued relief for the
coin. Related Reading | Will The Vasil Hard Fork Trigger A Cardano
(ADA) Bull Run? Featured image from UnSplash, chart from
TradingView.com
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