Cardano price analysis: ADA targeting daily close at $0.60 to aid rise up to $0.70

Cardano price analysis has recorded a bullish comeback from Wednesday’s decline down to $0.48 with a 4 percent uptrend over the past 24 hours. ADA price rose as high as $0.59 to move above the pivot at $0.57 and target the first major resistance level at $0.6094. Cardano will need broader market support to move above the resistance level and would then aim to target a move up to $0.70 where sellers would be expected to provide correction.

The second major resistance in this uptrend is expected to be faced at $0.66. Currently, ADA sits above the 100-day EMA at $0.57 and traders would be looking to hold and consolidate upwards, also suggested by the 9 percent drop in trading volume. In addition, the Vasil Hard Fork is expected to deliver further buyer support to ADA following reports of Cardano development activity hitting an all-time high.

The larger cryptocurrency market failed to mirror Cardano’s upward price movement, as Bitcoin dropped further closer to the $30,000 mark and Ethereum closed further below the crucial $2,000 mark. Among major Altcoins, Ripple dropped 2 percent to $0.39 and Solana 1 percent to $40.37. Meanwhile, Dogecoin consolidated around $0.082, the same as Polkadot around $9.76, whereas Tron fell 2 percent down to $0.08 following a seismic rise yesterday.

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Cardano price analysis: Cryptocurrency heat map. Source: Coin360

Cardano price analysis: Price soars above moving averages on daily chart

On the candlestick chart for Cardano price analysis, price can be seen making a swift and significant comeback from Wednesday’s decline down to $0.54. While ADA is yet to test major resistance levels above the $0.60 mark, technical indicators support a continued bullish thesis over the next 24 hours. Price moved above the 50 and 100-day exponential moving averages (EMAs) over the past 24 hours at around $0.55. Meanwhile, the 24-hour relative strength index (RSI) shot up into the oversold zone at 50, and is expected to sit there before correcting along with price.

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Cardano price analysis: 24-hour chart. Source: Trading View

If price can breach the first resistance at $0.6094 at current trend, it will open doors towards the May 9, 2022 high of $0.70, with further resistance set at $0.6671. To further support the bullish sentiment, the moving average convergence divergence (MACD) curve is forming higher highs above the neutral zone. Over the next 24 hours, failure to keep the $0.57 pivot could bring the first level of support at $0.53 into the market. ADA bulls will hope to stay above the $0.50 floor to avoid second support level at $0.47.

Disclaimer. The information provided is not trading advice. 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.

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