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Cardano price analysis: ADA could rise up to $0.67 after surviving $0.51 support test

Analytics

www.cryptopolitan.com 11 August 2022 23:53, UTC
  
Reading time: ~2 m

Cardano price analysis is bullish today, after a promising trading session later in the day to pull price up to $0.5476. This came about after yesterday’s revisit of the $0.51 support as ADA lowered down to $0.5019. However, price was quick to pick up again and technical indicators suggest a move up to $0.67 is likely once ADA breaks past the $0.55 immediate resistance. Cardano price has been in a greater uptrend of late since the start of August and remains in promising position ahead of the much anticipated Vasil Hard Fork that is sure to enable a bullish rally.

The larger cryptocurrency market recorded minor uptrends and consolidation across the board over the past 24 hours, as Bitcoin rose above the much coveted $24,000 mark. Ethereum rose 3 percent to $1,900 after falling behind earlier in the day, as leading Altcoins also recorded minor increments. Ripple rose up to $0.38, whereas Dogecoin jumped up to $0.07, each witnessing a 1 percent increment. Solana rose 2 percent to $43.40, whereas Polkadot lost 3 percent in price to move down to $9.29.

Cardano price analysis: Cryptocurrency heat map. Source: Coin360

Cardano price analysis: ADA continues to show strong market valuation on 24-hour chart

On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a swift shift in trend after yesterday’s decline down to $0.50. ADA has seen an extended phase of consolidation over the month of August, with price setting base around the $0.51 mark. With little bearish intervention, Cardano price has moved past the $0.52 July high and remains on course to extend up to $0.67.

Cardano price analysis: 24-hour chart. Source: Trading View

Price can be seen keeping above the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $0.5217. Furthermore, the 24-hour relative strength index (RSI) sits at 57.25 to show strong market valuation for ADA. Trading volume over the past 24 hours rose 4 percent to compliment the uptrend, while the moving average convergence divergence (MACD) curve shows further promising signs as it sustains above the neutral zone to form higher lows.

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.


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