Cardano price prediction: ADA challenges $1.20, can the bulls breakthrough?

TL;DR Breakdown

• Cardano price expected to rise to $1.250 mark
• The closest support level lies at $1.10 and further below at $1.10
• ADA faces resistance at the $1.20 and further above at the $1.25 mark

In the past 24 hours, Cardano price has climbed past the $1.90 mark as the bulls finally broke above the level after struggling at the $1.10 mark. ADA records an over 72 percent price increase since the last 24 hours as the price action shows steady bullish movement.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major players include DOT and BNB that record a 7.41 and a 5.37 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 2.92 and a 3.07 percent hike.

Technical indicators for ADA/USDT

Across the technical indicators, the MACD shows strong bullish momentum as observed in the dark green histogram. The indicator was in the bearish region for the past two days but saw a bullish reversal today. Across the EMAs, 12-EMA is trading above the 26-EMA and continues diverging while both EMAs rise.

The RSI is currently trading in the neutral zone a little below the 52.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time, the RSI has again had a small spike towards the overbought region, suggesting that the buyers are fighting back.

The Bollinger bands are currently wide and will expand in the immediate future due to the presence of continuous dark green candlesticks. The bands’ expansion suggests an increase in volatility for the ADA price, which is currently just below $1.20.Meanwhile, as the price is above the band’s mean line rather than the lower limit hence it will be leaning upwards for the next few candlesticks.

Overall, the 4-hour technical analysis issues a weak sell signal, with nine of the 26 major technical indicators supporting a downwards movement across the timeframe. On the other hand, only eight of the indicators issue buy signals suggesting an upwards movement for the Cardano price. Meanwhile, nine indicators sit on the fence and do not issue any signals at the time of writing.

The 24-hour technical analysis shares this sentiment and issues a sell signal with 10 of the 26 indicators suggesting a bearish movement against only seven indicators suggest a bullish momentum. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Cardano price?

Cardano price is currently exhibiting a trend reversal as the price bounces back from the $1.00 mark. While the mid-term technical analyses remain bearish, the signals are not strong, and the short-term indicators have turned bullish.

As such, traders should expect the Cardano price to break above the $1.20 mark as ADA propels itself to the $1.250 price level. However, the price faces strong resistance at the $1.30 mark, which would need strong momentum to breakthrough.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/cardano-price-prediction-2021-04-24/