Cardano Price Analysis: ADA Hovers Below $0.60; What’s Next?

Cardano price analysis indicates the comeback of bulls after the previous session’s pullback.  The coin opened lower but managed to bounce back in the pre-U.S. session. The price found reliable support at around $0.54 as in the previous three-session it helped ADA buyers in sustaining gains.

As of publication time, ADA/USD is reading at $0.56, up 2.31% for the day. The market cap of the coin has reached above $19.8 billion according to CoinMarketCap, with a gain of 2.3% in the last 24 hours. As the price shoots up, the trading volume increased by 6% as compared to the previous trading session.

• Cardano’s price prints fresh gains following a pullback in the last session.
• Double support around $0.54 makes buyers hopeful.
• A daily candlestick above $0.56 would further strengthen the bullish thesis.

Cardano price looks for more gains

Cardano price analysis on the daily chart interprets the continuation of the upside momentum. ADA is trading inside a rising channel, making higher highs and higher lows. Currently, the price is facing an upside filter near the multiple resistance zone near %0.56.

The ascending channel project the price near the psychological $0.60 level. Additional buying pressure would further push the price higher trajectories. ADA bulls look charged up as they managed to sustain the key support level.

Next, market participants would aim for June 9 high at $0.65.

The On balance volume (OBV) indicator rises as the price moves higher, signaling participation from the buyers in the rally.

On the contrary, a shift in the bearish sentiment could reverse the course of action. In that case, the bears might test the low of August 13 at $0.53.

Intense selling pressure would further drag the price toward the 50-day exponential moving average (EMA) at $0.50.

4-hour chart Cardano price test crucial support level

On the four-hour chart time frame, the Cardano price took retraced from the highs of $0.59 (as shown by the big red candle stick). The asset took support at the $0.50 Fibo. retracement level around $0.54. Thus, making it a crucial level to trade.

Also read: https://Cardano (ADA) Flips XRP As 6th Largest Crypto; Will Bulls Break Past $0.55?

In the last few hours, the bulls managed to bounce back amid a spike in the buying orders. A successful attempt above %0.58 on the 4-hour chart could mean more gains store for ADA buyers. The formation of several Doji candlesticks near the support zone limits the downside risk.

The RSI attempts to breach the average line, which if happens would be favorable for the bulls. Currently, it reads at 56.