- Cardano price expected to rise to the $0.2800 before climbing to $0.3000
- The nearest support lies at $0.2400
- Nearest resistance at $0.2600
Cardano (ADA) price enjoys a strong start to 2021 with strong bullish activity marking the daily charts. The Cardano price found strong support at the $0.1600 level that enabled ADA to climb past resistance levels to climb to the $0.252 level where it currently rests.
The broader cryptocurrency market is also enjoying bullish momentum as most major cryptocurrencies record double-digit gains across the 7-day timeframe. While Bitcoin has retraced below the $34,000 mark, the asset trades above the $32,000 price level showing a 20 percent increase across the week.
Cardano price overview: ADA across the last ten days
Across The last ten days, Cardano price has observed a mix of bullish and bearish activity, with the lowest point being at the $0.1500 support level. The price faced resistance in crossing above the $0.1600 mark and stagnated around the level.
The price climbed above the level on December 28 but faced resistance in climbing above the $0.1800 mark and could only climb above the mark on January 3. Since then, ADA has observed strong bullish movement across the short-term charts raising the price above the $0.200 psychological level and past the resistance at the $0.2200 level to climb up to its current level.
Across the technical indicators, the MACD shows increasing bullish momentum as the two EMAs continue to diverge further. The indicator indicates high bullish pressure in the markets.
The RSI, on the other hand, has climbed above the 70.00 mark and issues a sell signal indicating that ADA has become overbought and needs a healthy correction. However, the correction does not need to that steep as the indicator is yet to cross the 80.00 mark, which would suggest an immediate bearish retracement.
Meanwhile, the Bollinger bands are currently wide but show convergence, suggesting a drop in ADA price volatility in the short-term. The indicator suggests that the Cardano price may hover at the current level for a while before breaking out.
Overall, 19 of the 28 major technical indicators are issuing a buy signal, while only two indicators issue sell signals. Meanwhile, seven indicators remain neutral and do not indicate support towards either side.
Traders should expect Cardano price to continue its hike upwards towards the 0.3000 level. However, if ADA falls below the $0.2400 level, ADA may fall towards the $0.2200 level.
Cardano price 1-week charts
Across the weekly charts, ADA has fully left the horizontal channel it has been trading in since early November. The weekly charts show that ADA has entered a bullish rally that may carry ADA upwards in the coming weeks.
The Bollinger bands are expanding rapidly, suggesting high volatility, while the MACD shows increasing bullish momentum.
Cardano price should be expected to rise to the $0.2800 level before rising towards the $0.300 mark. However, a decline below the $0.2400 level would indicate a retracement to the $0.200 level.
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