Cardano's price is currently trading slightly above $0.50, and the cost of the asset has been consolidating over the past few days. ADA has been struggling below the immediate resistance level.
The coin has attempted to flash a break-out couple of times, but it was met with the bears each time. Since Cardano's price is trading sideways, the chance of a breakout cannot be ruled out immediately.
The technical outlook for ADA has also started to turn positive as the buying strength began to recover on the chart.
Over the last 24 hours, Cardano's price noted a slight depreciation. In the past week, ADA lost 2% of its market value. Currently, the support levels are between $0.50 and $0.45, respectively.
The price had continued to form higher highs and higher lows till the coin started retracing over the last two days.
It could be possible for the altcoin to resume its previous price momentum if the technical outlook continues to remain positive.
Buying strength remains crucial for ADA at the moment. A slip below its present trading level will push ADA down to $0.45, which would mean that the bears will be in control again.
ADA was trading at $0.51 at the time of writing. Cardano's price was struggling underneath the immediate resistance of $0.55.
Cardano’s price had formed a similar pattern previously, falling below the $0.45 mark and shooting up above the $0.55 price level.
If ADA loses its current momentum, it could again rally on its chart. Additionally, other resistance levels stood at $0.62.
If Cardano's price fails to hold on to the $0.45 level, it could touch $0.38 over the upcoming trading sessions. The amount of ADA traded was in the green, meaning buying strength picked up on the chart.
ADA’s technical outlook started to turn positive over the last 24 hours. The buyers started to enter the market as the coin tried to move upwards on its chart.
The Relative Strength Index was positive as the indicator was above the half-line. This reading indicated that buying strength was higher than the selling strength on the four-hour chart.
Cardano's price was parked above the 20-SMA as demand for the altcoin appreciated. This meant that buyers were driving the price momentum in the market.
The altcoin also demonstrated mixed signals in its shorter time frame. ADA flashed a sell signal, but the buying momentum hasn’t faded.
The Awesome Oscillator pictured red histograms on its half-line; AO represents the price momentum and changes in the same. The red signal bars are the sell signals on the four-hour chart.
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Moving Average Convergence Divergence outlines the momentum and trend reversals too. MACD underwent a bullish crossover and continued to form green histograms, bought signals for ADA.
The histograms on MACD were fading, which was a sign of bearishness. For Cardano to break past its price ceiling, buyers must remain positive on the chart. - newsbtc