ADA prices escalate to $1. 2 as buying pressure intensifies

TL;DR Breakdown

  • Cardano price analysis shows a firm bullish trend
  • ADA prices are currently trading around the $1.2 level
  • ADA price’s current resistance is at $1.20
Cryptocurrencies prices heatmap, source: Coin360

The Cardano price analysis for today is showing the coin opened the daily trading sessions trading as high as $1.2 against the US Dollar. The buying pressure behind ADA seems to be intensifying with each day as the bulls are eyeing a break above the $1.20 resistance level in the short term. Cardano prices have seen a spark over the last few days as the bulls continue to push ADA prices higher. Key support for ADA prices is present at $1.18 and $1.10 levels.

At the time of writing, ADA is changing hands at $1.19 and is up by 2% with a trading volume of $1,470,665,082.77. ADA/USD pair has been on rising over the last 24 hours, courtesy of the bulls. The current resistance at $1.2 is a key level that the bulls will need to breakthrough in order to send ADA prices even higher. A breakout above this level could see ADA prices reaching as high as $1.50 in the near future. As of now, it looks like the bulls are in control of the market and a further rise in prices is highly likely.

Cardano price action in 1-day price chart: ADA maintains an uptrend as it prepares to break higher

ADA is currently in an uptrend as indicated by the higher lows and higher highs formed in the price chart. The present buying pressure in the market has set the stage for a potential breakout above the $1.2 resistance level in the days ahead. The bulls need to keep up the buying pressure in order to achieve this.

Cardano price analysis: ADA prices escalate to $1. 2 as buying pressure intensifies 2
ADA/USD 1-day price chart, source: TradingView

The MACD indicator is currently in bullish territory and continues to provide buy signals. The RSI is also indicating strong bullish momentum at the moment. These indicators suggest that the bulls are in control of the market and that a breakout above $1.2 could see ADA prices reaching as high as $1.50 in the short to medium term. The SMA50 is providing strong support for ADA prices and is currently well above the SMA200. This indicates that the bulls are in control of the long-term trend as well.

ADA price action in the 4-hour chart: Bullish momentum builds up, breakout imminent

ADA is currently trading in a bullish trend as indicated by the higher lows and higher highs formed in the price chart. The bulls are currently in control of the market and are looking to break above the $1.2 resistance level in order to send prices even higher. Moreover, ADA market volatility has been on an increase and this could be a sign of an impending breakout as the Bollinger bands are starting to widen.

Cardano price analysis: ADA prices escalate to $1. 2 as buying pressure intensifies 3
ADA/USD 4-hour price chart, source: TradingView

The MACD indicator is in bullish territory and is providing buy signals. The RSI is also indicating strong bullish momentum at the moment. These indicators suggest that a breakout above $1.2 could see ADA prices reaching as high as $1.50 in the short to medium term. The SMA50 is providing strong support for ADA prices and is currently well above the SMA200. This indicates that the bulls are in control of the long-term trend as well.

Cardano price analysis conclusion:

ADA prices have been on an uptrend over the last few days and are currently trading around the $1.2 level. The bulls are in control of the market and are looking to break above the $1.2 resistance level in order to send prices even higher. A breakout above this level could see ADA prices reaching as high as $1.50 in the short to medium term. However, if bears intervene, ADA prices could retrace back to the $1.10 support level.

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.

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