- Cardano saw a 2.5% price increase over the past 24 hours of trading as the cryptocurrency trades at a price of around $0.0498
- The bulls are struggling to break resistance at $0.051.
Cardano witnessed a 2.5% price hike over the past 24 hours of trading as the cryptocurrency reaches the $0.049 level again. The coin had dropped as low as $0.046 during the day but the buyers quickly stepped back in to push the market higher.
The bulls broke above the 100-days EMA during mid-April which allowed them to take control of the driver’s seat, however, the buyers are struggling to break resistance at $0.0516 and have failed to close above this level for the past 6-days of trading.
Cardano Price Analysis
ADA/USD – Daily CHART – SHORT TERM
ADA/USD. Source: TradingView
Analyzing the daily chart above, we can clearly see when the bulls took control in mid-April as they blasted through the resistance at the 100-days EMA at around $0.04. The buyers then continued to increase their bullish pressure to drive Cardano as high as $0.057 toward the end of April 2020.
Unfortunately, the bulls were unable to actually close above the resistance at $0.0516. The resistance here is provided by a bearish .618 Fibonacci Retracement level that is measured from the February high to the March low. They’ve tried to break $0.0516 over the past 6-days and failed to close above it on each attempt.
Short term prediction: BULLISH
ADA still remains bullish in the short term. To turn neutral, the coin would have to drop lower and break beneath the support at $0.04. To turn bearish, ADA would have to drop further beneath $0.035.
If the sellers do push lower, the first level of support lies at $0.047 (.382 Fib Retracement). Beneath this, support lies at $0.045, $0.043 (.5 Fib Retracement), and $0.04 (100-days EMA & .618 Fib Retracement).
On the other hand, the first level of resistance to break lies at $0.05166 (bearish .618 Fib Retracement). Above this, resistance is located at $0.055, $0.057, and $0.061 (bearish .786 Fib Retracement).
Support: $0.047, $0.045, $0.043, $0.04.
Resistance: $0.0516, $0.055, $0.057, $0.061.
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