- Bullish Cardano price prediction powers the recovery rally to $1.2996
- ADA building up momentum atop the $1.20 support trendline
- ADA/USD edges higher as the price crosses $1.2997 with 5.8 percent weekly gains
- Cardano poised to move higher as the cryptocurrency crosses major hurdles
As the cryptocurrency market gains strength, the ADA/USD pair also moves along the same lines. Today, the pair moves higher albeit slowly and has crossed $1.3349 highs built atop a rising momentum. The cryptocurrency is trading within the Bollinger Bands range with a rising price channel.
The current rally is built upon the pivotal support at $1.01 that provided the much-needed bounce back from last week’s lows. Just like other crypto assets, Cardano is recording higher gains that are touching the past week’s resistance levels, but this time there’s renewed volatility to support the higher movement. After falling from the $1.57 highs, the current rally is recovering the losses to move to fresh new highs.
As of press time, the Cardano price was trading near $1.27 after gaining 4.37 percent daily. The market cap of Cardano remains at $40.6 billion. On the fundamental news front, the parent company of Cardano, IOHK, has announced a collaboration with the Ethiopian education ministry to build a blockchain-powered nation identification system and will cover more than 5 million students across the country.
Cardano price movement in the last 24 hours: Building up momentum and protecting supports
The Cardano price is rising slowly on the back of the positive crypto market sentiment. The rally is in sync with its yearly 504 percent raise, and the same is reflected on the daily charts. The strong fundamentals ensured that Cardano bounced back from $0.92 lows swiftly.
The 9-day simple moving average is stable at $1.27 and supporting the price underneath. Any short selling can see the ADA/USD pair reach below the 9-day SMA and collapse below the support at $1.20. The selling pressure hasn’t yet completely subsided. As per Cardano price prediction, there can be profit booking at the $1.3500 level, which can see the pair slide towards pivot point lows on the hourly charts.
The price is trying to regain the $1.40 level amid a renewed bullish strength. The market is gaining strength, and the same is reflecting in the volume data. The immediate upper resistance lies at $1.28, where the pair can see sellers. The divergence in the Bollinger Bands may also put some pressure on the rising price channel according to Cardano price prediction.
ADA/USD 4-hour chart: Technical indicators support a bullish outlook
The signal line in the ADA/USD pair is supporting the bullish outlook. The candlestick patterns are primarily green but small, meaning the price rise is gradual. Additionally, the ‘Relative Strength Index is at 58 level with an upward bias. The buying pressure is evident from the volume and volatility figures. The past week’s oversold pressure is giving way to neutral and upward bound indicators.
MACD is on the convergence of a cross over which can further strengthen the bullish rally. The equilibrium of the price channel at the middle of the Bollinger Bands shows the pair is stable. The Stochastic RSI is also displaying dots below the price, meaning the momentum is bullish. As per Cardano price prediction, the tussle at the $1.27 zone will only help the bulls as the resistance is weak compared to the bullish momentum.
Cardano price prediction conclusion: Cardano on course to touch $1.45
The positive climb that began yesterday has only gotten stronger as the pair has crossed multiple resistance levels. The buying momentum has helped the pair cross the $1.20 level with ease and has kept it above the 50-day moving average. As per Cardano price prediction, the price is rallying towards the $1.34 level, where it can again encounter resistance.
The ADA bulls need to close the pair above this barrier to keep the price going for a $1.45 resistance level. The pair will see many resistances along the way at $1.3894 and then at $1.4372. The bulls must have the volumes to avoid selling intensity at these price levels. According to Cardano price prediction, the supports at $1.20 and $1.03 are defending the fort.
As per Cardano price prediction, the next stop for the ADA/USD pair will be $1.500, where the bulls can take a breather. The 55-day simple moving average at the $1.20 level will also move higher as the pair retraces its journey upwards. The bearish wave won’t make much sense unless the pair closes below $1.05.