Cardano showed an uptrend after it was trading sideways, the coin has now settled above the $0.47 support mark. Over the past week, the coin has gained 7.2%, but over the past 24 hours, ADA has lost 1% of its market value. After the consolidation, the coin targeted its immediate resistance mark.
If the coin continues at the current price level, the bulls may return to the market for a longer period of time. Buyers also seem to be back in the market, which has led ADA to show signs of relief.
If the buying force loses its vigor, the coin can move to $0.45, after which the coin can trade as low as $0.40.
Even now, the coin appears to be trading within a tight range, but the push above the $0.49 mark has come across as a sign of optimism. With a constant buying force, Cardano can break above the $0.50 price mark.
Cardano Price Analysis: Four Hour Chart
Cardano was priced at $0.51 on the four-hour chart | Source: ADAUSD on TradingView
ADA was trading at $0.51 on the four-hour chart after it broke out of its consolidation phase. The altcoin’s closest support level was at $0.47, but a slight push from sellers can drag prices to $0.40. There were bullish signs on the four-hour chart.
An ascending trend line points to the uptrend (yellow). Buyer momentum may help Cardano rally to $0.52 and then $0.56. To completely invalidate the bearish thesis, the coin has been trading above $0.56 for a long time.
Cardano traded volume also spiked, indicating that buyers were active in the market. The volume bar was green, signifying bullish price action.
Cardano showed increased buying strength on the four-hour chart | Source: ADAUSD on TradingView
The buying force painted a steady bullish move in recent days. The Relative Strength Index painted the same picture, the indicator was well above the midline. This reading is tied to the uptrend as buyers have taken over the market.
Other technicians also indicated that the buyers would take over. ADA price was above the 20-SMA line. An earlier reading that means buyers were in control of price momentum as they were responsible for driving it.
Related Reading | Cardano resists downward pressure, can ADA price ward off bears?
Cardano showed a buy signal on the four-hour chart | Source: ADAUSD on TradingView
ADA buying momentum showed a positive attitude on the four-hour chart. The moving average convergence divergence represents price momentum and also a change in trend. The MACD experienced a bullish crossover and showed green signal bars.
These green bars are buy signals for the currency, which means that the market was present in the uptrend. Other indicators have also shown strength in buyers.
Bollinger Bands indicate price volatility and were parallel on the chart. Parallel Bollinger Bands mean that the price of the asset will hover around the same price range and that further indicates continued relief for the coin.
Related Reading | Will Vasil Hard Fork Trigger Cardano (ADA) Bull Run?
UnSplash Featured Image, Chart from TradingView.com
This post Cardano (ADA) up after consolidation, what to expect next?
was published first on https://www.newsbtc.com/news/cardano-ada-moved-upwards-after-consolidation-what-to-expect-next/