- 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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Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.