Cryptocurrency

Is Cardano’s Bullish Trend Reversal Coming Soon?

Cardano

ADA/USDT 1-Hour Chart (Source: TradingView)

As a third-generation blockchain, Cardano was introduced in 2017 after Bitcoin and Ethereum. As an alternative to Ethereum and other decentralized applications, Cardano is said to be more scalable, secure, and efficient.

Stated above is the one-hour chart of Cardano price analysis. The above 1-hour chart states that Cardano is now trading above the major moving average line, 200-day MA. This is proof that Cardano is gaining its bullish momentum after breaking out of the previous flag within the past few days. 

Moreover, the resistance of Cardano lies at its weak high forming at $0.3463. The resistance zone is between $0.3491 and $0.3447. Currently, there is two critical support for Cardano to watch for. The first critical support lies between $0.2910 and $0.2874. If bears can push ADA to break the first support, ADA can fall as low as between $0.2662 and $0.2629. 

Looking at the relative strength index (RSI), a momentum oscillator that measures the speed and change of price movements, Cardano’s 1-Hour RSI sits at 50.51, meaning that Cardano is having a strong trend as its RSI value is between 30 and 50. This value could trigger a further bullish run if more buyers could be attracted to gain from the expected price increase to the 70 RSI value, which is the strong overbought region, before any price correction soon.

At press time according to CoinMarketCap, Cardano was trading at $0.315 with a 24-hour trading volume of $603,687,400 which decreased by 29.25% in the past 24 hours. Also, Cardano was down by 3.02% in the last 24 hours.

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