- Cardano’s price surge to $1.16 raises hopes for further bullish momentum.
- Key resistance at $1.16 whereby breaking it could signal continued upward momentum.
- MACD indicates short-term bearish pressure despite bullish price action.
The current and recent upward trends in Cardano (ADA) price have wakened up the interest of traders and investors. As of press time, ADA is at $1.16 and has an increase of 14.77% in the past 24 hours. As a result of this sudden burst in bullish momentum interest has come up around whether this momentum will stay rising and if the price can surge to $1.72 in the near term.
Cardano’s market cap is now at $40.81 billion and has increased by 14.56%. While this may be a rally, the drop in trading volume by 16.46% down to $2.37 billion in the last 24 hours hints at its longevity.
Analyzing Cardano’s Price Trend and Key Support Levels
Cardano’s recent price action shows a strong uptrend. The breakout from its consolidation phase has been followed by higher highs, indicating robust buying pressure. Currently, ADA is testing the $1.16 level, which has become an immediate resistance point.
The bullish trend could continue if the price breaks above this level with high volume. However, $1.20 remains a psychological and technical resistance point. This level may face selling pressure from traders, making it crucial for ADA to break through it to maintain momentum.
Support levels play a vital role in guiding traders’ decisions. The $1.01 level is the first significant support point, where ADA previously consolidated. A price drop to this level could signify a retracement, but a bounce could offer new buying opportunities.
The $1.10 level also stands as support, confirming its importance after the initial breakout. If ADA falls below $1.10, a possible retreat toward the $1.01 support could occur, signaling a short-term bearish correction.
Technical Indicators and Market Sentiment
From a technical perspective, Cardano is showing mixed signals. The Relative Strength Index (RSI) of 63.40 indicates that ADA is not yet in overbought territory. This suggests room for further upward movement before reaching an overbought condition.
Nevertheless, the MACD indicator is trading below its signal line and thus may point to short-term bearish momentum. As shown by the bullishly priced action and bearishly shaped technical indicators, the outlook is mixed and requires traders to stay vigilant.
Cardano Price Forecast for 2024
Despite these indicators, Cardano’s price will experience little to no change in 2024. The minimum price as suggested by the changellyblog analysts is $0.934 and the maximum is $1.02, with an average trading price close to $1.10.