Cardano price has brought the bull market back on the charts. In the past 24 hours, ADA has appreciated by over 7%. This price movement can be called a rally.
The ADA had made no progress in the past week. However, it has increased significantly in the last 24 hours. As demand for the altcoin increased, technical indicators favored the bulls.
If the current price momentum continues in the next trading session, ADA can expect the bulls to gain better control over the market.
The demand for the altcoin has increased significantly, leading to an increase in the number of buyers on the one-day charts.
Cardano price should continue to move upwards to avoid the possibility of price volatility. However, it is implied that there is always the possibility of a price pullback following a rally.
Currently, Cardano price is trading 87% lower than its all-time high in September 2021. A move above its immediate resistance mark would provide a clear path for the altcoin.
Cardano Price Analysis: One Day Chart
At the time of writing, ADA was trading at $0.39. The coin picked up momentum as soon as it crossed the $0.36 price mark.
The overhead resistance mark was at $0.41 and a push above that level would help Cardano price sustain the bullish price action.
A move above the $0.41 resistance is likely to push Cardano towards $0.44. On the other hand, a pullback could drag Cardano price towards $0.36 on the one-day chart.
A further decline from that level would cause ADA to trade near the $0.33 level. There has been an increase in the volume of Cardano traded in the last trading session, indicating that buying power has increased.
Altcoins boomed and hence the demand for the coin also saw an increase. After being in control of sellers in the last trading session, Cardano price has corrected significantly.
The relative strength index crossed the zero-line, meaning that buyers outnumbered sellers at the time of writing.
Cardano price was above the 20-SMA line, and this meant that buyers along with higher demand for the token drove the price momentum in the market.
Other key technical indicators are also indicating buying buys on the one-day chart. Moving Average Convergence Divergence indicates the overall price direction and strength of price momentum.
MACD made a bullish crossover and formed a green signal bar, which was a buy signal for the coin.
The Awesome Oscillator also shows the price movement of the altcoin. The AO painted green histograms align with those of the bulls at the time of writing.
Credit : www.newsbtc.com