Will Cardano overturn bear heading below $1.00?

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TL;DR Breakdown

  • Bulls attempting to break out of a 90-day low. 
  • Bears are still exerting downward pressure towards the 90-day low
  • At the time of writing, the coin is hovering around the $1 support

Cardano Price Analysis: General price overview

Cardano (ADA) has attempted to break out of the 45 percent plunge which occurred through June and July. Currently, the coin is testing the 2018 high near $1.40 and consolidating a corrective relative strength index to bring it closer above $1.40. 

The past weeks have seen the coin correct lower to a 90-day low that took place on June 22. Cardano dropped to $1.02, almost breaking below the psychological support at $1.00. Nonetheless, the coin managed to rebound the downward pressure and float back to $1.30. 

Cardano price movement in the Last 24 hours: Bearish forces

Market bulls were anticipating the coin to break above last week’s descending trendline during the weekend. While the coin has not yet broken out, the bulls have bounced back from a falling wedge and deconstruct resistance around $1.33 and $1.35. 

The technicals are downsloping on the 24-hour chart, including an RSI lying towards the oversold region. The moving average convergence divergence (MACD) has marked a bullish crossover on the 12-hour chart. 

On the other hand, Cardano’s price has crossed above the Bollinger mid-point and over the Bollinger moving average. The bands are expanding on the 4-hour chart, a suggestion of increasing volatility. 

ADA/USD pair opened the daily trading chart at $1.3331 and marked an intraday low at $1.300. The intraday high lies at $1.3489.

Source: TradingView

Cardano 4-hour price chart

It is easy to dismiss the current price as the weekend’s corrective low, but we cannot dismiss the fact that market bulls might advocate for oscillating price action from the daily high to $1.200

At the time of writing, the coin is hovering between $1.00 and $1.05. The current price level is only a continuation of yesterday’s close bullish uptrend. The ability of the bulls to resolve selling pressure at the 200-EMA will determine the direction of the uptrend. 

Cardano price analysis conclusion

Cardano has a lot in store in its expansion plan. The development team at IOHK announced they were researching and evaluating the potential of integrating Stablefees on Cardano. Stablefees is a platform that seeks to implement a base price for payments and ties the payments to a basket of stable currencies.

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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