1. BITBILIHome
  2. Article

Cardano price analysis: ADA shows a bullish potential at $0.3701

• 69 views

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA face strong resistance at $0.3750.
  • Support for ADA is seen at the $0.3666 level.

The Cardano price analysis shows that the ADA market has been on a steady uptrend since its lowest point of $0.3580 on May 21st. The bulls have been pushing the price higher as it is retraced above the key resistance level of $0.3700. However, the selling pressure has been imminent since ADA has been closing below the $0,3700 level before trading sideways.

At the moment, the ADA/USD pair is trading at $0.3701 with a gain of 0.60 percent in the past 24 hours. ADA/USD pair is facing a strong level of resistance at the $0.3750 mark and if it closes above this level, then it will enter a new phase of bullishness. On the downside, there seems to be some underlying support for ADA at its current trading price around the $0.3666 level as seen from the daily chart. If it holds here, then there is a potential for ADA to rise further.

Cardano price analysis 1-day chart: ADA/USD face resistance at the $0.3750 mark

The 1-day chart for Cardano price analysis shows that ADA/USD pair kicked off today’s trading session below $0.3700 before the bulls took control of the market and pushed it higher. ADA/USD pair managed to reach a high of $0.3752 before correcting itself downwards again as the bears put pressure on the market from the $0.3750 resistance level. The trading volume today shows a decrease of 16.15 percent with the value standing at $143 million.

image 855.3701" src="https://en.bitbili.com/wp-content/uploads/2023/05/frc-7e543d1403590e40475ba98329d1ccee.png">Cardano price analysis: ADA shows a bullish potential at <img decoding=.3701" src="https://en.bitbili.com/wp-content/themes/justnews/themer/assets/images/lazy.png" data-original="https://en.bitbili.com/wp-content/uploads/2023/05/frc-7e543d1403590e40475ba98329d1ccee.png">
ADA/USD 1-day price chart. Source: TradingView

On the technical indicators, ADA/USD pair is trading above the 50-day moving average, indicating a bullish momentum in the market. Furthermore, the MACD line has crossed from below zero to above zero which is another sign of a bull trend continuation. The histogram is heading upwards as well, indicating a stronger buying sentiment in the market despite a decrease in the trading volume today. The Money Flow Index (MFI) is currently at 58.17, indicating that the market is neutral in nature at the moment, and if the buying pressure increases, we could see ADA/USD pair retesting the $0.3750 resistance level.

Cardano price analysis hourly chart: Latest developments

On the 4-hour chart, Cardano’s price analysis reveals that ADA/USD pair has been trading in a range between $0.3690 and $0.3710 in the past few hours. The price action is showing no clear direction as it consolidates sideways within the boundaries of this range. ADA’s market in the past 1 hour shows a decrease of 0.03 percent with the price settling at the $0.3701 mark.

image 854.3701" src="https://en.bitbili.com/wp-content/uploads/2023/05/frc-00f76b9ae63447c6f984b3004882fd50.png">Cardano price analysis: ADA shows a bullish potential at <img decoding=.3701" src="https://en.bitbili.com/wp-content/themes/justnews/themer/assets/images/lazy.png" data-original="https://en.bitbili.com/wp-content/uploads/2023/05/frc-00f76b9ae63447c6f984b3004882fd50.png">
ADA/USD 4-hour price chart. Source: TradingView

Technical indicators on the 4-hour chart are indicating a neutral market. The Money Flow Index (MFI) indicator is currently at 54.04, which lies in between the overbought and oversold regions. The MACD line has been trading sideways, with both the signal and histogram lines losing their momentum as they slope down on the chart. The moving average (MA) has changed its upward trend and the chart has started to print red candlesticks which indicates that the bulls are losing their grip on the market.

Cardano price analysis conclusion

In conclusion, Cardano price analysis has been bullish today. The bulls have managed to push the ADA/USD pair above the $0.3700 level and are currently trying to break the resistance at the $0.3750 mark. The buyers need to gather more momentum if they are to break the $0.3750 resistance level and if they fail, then we could see ADA/USD pair reverting back towards the $0.3600 level.

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.

文章来源于互联网:Cardano price analysis: ADA shows a bullish potential at $0.3701

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月25日 19:12
Next 2023年5月25日 20:06

Related articles

  • FTX files lawsuit to demand compensation from firms linked to its collapse

    TL;DR Breakdown FTX has filed a lawsuit against companies linked to its collapse demanding $700 million from the firms. The lawsuit uncovers personal relationships and collusion. Description Cryptocurrency exchange FTX has recently lodged a lawsuit in the United States Bankruptcy Court for the District of Delaware against several investment firms with which it had previous ties. The lawsuit, filed on June 22, encompasses 16 counts and aims to recover over $700 million from the defendants. FTX demands $700 million from the defendants … Read more Cryptocurrency exchange FTX has recently lodged a lawsuit in the United States Bankruptcy Court for the District of Delaware against several investment firms with which it had previous ties. The lawsuit, filed on June 22, encompasses 16 counts and aims to recover over $700 million from the defendants. FTX demands $700 million from the defendants Among the named defendants in the lawsuit filing are K5 Global, an incubator and investment company, Mount Olympus Capital, and SGN Albany Capital, along with affiliated entities and individuals such as Michael Kives and Bryan Baum, co-owners of K5 Global….

    Article 2023年6月25日

  • Coinbase gives loan holders a four-month window to repay loans as it winds down Borrow service

    TL;DR Breakdown Coinbase is winding down its lending service, Coinbase Borrow, and has notified users to settle any outstanding loan balances by November 20, 2023. The decision to close the program was made to focus resources on the products and services that customers use most. Coinbase is providing a four-month repayment period and prioritized customer support to ensure a smooth transition for affected users. Description Coinbase announced the gradual wind-down of its lending service, Coinbase Borrow, in May. In a new development, the platform notified its users on Thursday that they have until November 20, 2023, to repay any outstanding loan balances. Failure to do so will result in default, leading Coinbase to sell its Bitcoin collateral to settle the … Read more Coinbase announced the gradual wind-down of its lending service, Coinbase Borrow, in May. In a new development, the platform notified its users on Thursday that they have until November 20, 2023, to repay any outstanding loan balances. Failure to do so will result in default, leading Coinbase to sell its Bitcoin collateral to settle the loans. Coinbase…

    Article 2023年7月22日

  • Solana CEO wants FTX’s SOL distributed to its users

    TL;DR Breakdown Solana CEO Anatoly Yakovenko has urged FTX to return its SOL to users. Customers anticipate a decision on the assets. Description Cryptocurrency exchange FTX, which underwent a significant change in management following its bankruptcy in November 2022, is drawing attention due to the movement of its substantial Solana (SOL) holdings. Recent data shared on Twitter revealed that FTX’s cold storage wallets, identified through the blockchain explorer Solscan, began transferring SOL tokens. These wallets collectively hold close … Read more Cryptocurrency exchange FTX, which underwent a significant change in management following its bankruptcy in November 2022, is drawing attention due to the movement of its substantial Solana (SOL) holdings. Recent data shared on Twitter revealed that FTX’s cold storage wallets, identified through the blockchain explorer Solscan, began transferring SOL tokens. These wallets collectively hold close to 7 million SOL, equivalent to approximately $134 million at current market prices. FTX still holds $134 million worth of SOL Solana Foundation had disclosed a substantial sale of SOL to FTX and its sister trading firm, Alameda Research, totaling 58,086,686 SOL. At today’s…

    Article 2023年9月3日

  • Majority of crypto companies will leave the U.S. soon

    TL;DR Breakdown Ripple’s CEO, Brad Garlinghouse, highlights the unfavorable regulatory environment in the U.S., suggesting that it may trigger a mass exodus of crypto companies to regions with clearer digital asset regulations. Europe, the UAE, the UK, and Singapore are cited as favorable destinations due to their transparent regulatory frameworks. Garlinghouse suggests that the U.S. risks losing out on significant technological advancements if crypto companies relocate due to regulatory confusion. The intricacy of U.S. regulations for digital assets is fostering an unsettling atmosphere that might trigger a mass migration of crypto companies from U.S. shores. Ripple‘s CEO, Brad Garlinghouse, recently shared his insights on this predicament, highlighting the regulatory clarity in other regions as a luring factor for crypto companies. Emerging regulatory havens Countries like the UAE, Europe, the UK, and Singapore are extending clarity in the regulation of digital assets, thereby cultivating a flourishing environment for crypto entrepreneurs. These well-defined rules of the road allow investors and innovators to engage meaningfully with regulators, fostering a conducive atmosphere for growth. “Regrettably, the confusion surrounding the U.S. regulatory framework is diverting…

    Article 2023年5月19日

  • Researchers expose flaws in EU’s AI guidelines

    TL;DR Breakdown Stanford University researchers indicate major tech companies, including OpenAI, Meta, and Google, may not comply with the EU’s draft AI guidelines. The study focuses on the industry’s potential violation of copyright laws, as many AI tools use copyrighted content for training. Under the EU’s AI Act proposals, AI tool developers must disclose AI-generated content and summarize copyrighted data used in training. Description A recent investigation conducted by Stanford University researchers reveals that major tech companies, including OpenAI, the creators of ChatGPT, Meta (previously Facebook), and Google, might face conflicts with the EU’s draft regulations concerning the deployment and usage of artificial intelligence (AI). EU’s AI regulation drama The Stanford research study, led by AI researcher Rishi Bommasani, … Read more A recent investigation conducted by Stanford University researchers reveals that major tech companies, including OpenAI, the creators of ChatGPT, Meta (previously Facebook), and Google, might face conflicts with the EU’s draft regulations concerning the deployment and usage of artificial intelligence (AI). EU’s AI regulation drama The Stanford research study, led by AI researcher Rishi Bommasani, uncovers a brewing…

    Article 2023年6月27日
TOP