Cardano’s price analysis shows that the price is on trend at the moment but is expected to rise to $0.379 by the end of the day. In the last 24 hours, the price has been hovering around the $0.31 support area, stabilizing after dropping to $0.308 on Dec. 7. While a move lower to the bearish retracement of $0.299 is still possible, a swift reversal to the $0.30-$0.31 range could bring bulls into the market.
The move to the upside could also prompt the bulls to target the next resistance point at $0.321. A successful move to this point will allow the “Ethereum killer” to target the $0.379 level thereafter.
The larger cryptocurrency market has mostly shown minor losses over the last 24 hours as Bitcoin held above the $17,000 level and Ethereum above $1,200. Among the leading altcoins, Ripple was down slightly to $0.386, while Dogecoin was down slightly from $0.097. Meanwhile, Solana and Polkadot remained flat at $13.57 and $5.26 respectively.
Cardano price analysis 24-hour chart
Cardano’s price analysis 24-hour candlestick chart shows that the price has formed a horizontal trend around the $0.31 support area since November 28.
Since then, ADA bulls have failed to manage a major breakout and price has dipped just below the 9-day and 21-day moving averages on the daily chart, along with the crucial 50-day exponential moving average (EMA) at $0.316. The trading volume shows a 40% decline in the last 24 hours, indicating continued stagnation in the ADA market.
The 24-hour Relative Strength Index (RSI) is trending horizontally to mimic last week’s price action and has settled just above the oversold zone around the early 40s.
The moving average divergent divergence (MACD) curve also shows an established bearish divergence. A quick move higher to $0.32 could change the big picture for ADA. However, a bearish dip to $0.299 could invalidate the bullish sentiment.
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