Cardano’s technical analysis emphasizes the bullish prospects as prices continue to rise.
The continued uptrend began on the 27th of February 2022, with prices at $30, reaching a high of $0.55 on the 0.55th day. As of writing this article, the price is consolidating below the $1 resistance level, forming a triple top pattern around that level. The price of ADA has risen over 5% in the past 22 days and may still rise to the $0.6 resistance level next week.
Overall, the cryptocurrency market has shown mixed signals in the past 24 hours. Bitcoin (BTC) is approaching the $24,000 level, while Ethereum is consolidating around $1,700. Among the leading altcoins, XRP has dropped to $0.39, a slight decrease, and Dogecoin (DOGE) has also slightly declined to $0.07. Solana (SOL) has fallen 4% to $0.44, while Polkadot (DOT) has risen nearly 6% to $9.03.
ADA’s market valuation declines on the daily chart. On Cardano’s 24-hour price analysis chart, it can be seen that the price has formed an extended ascending triangle pattern, reaching a high of $0.55 on the 30th day. The uptrend follows a brief consolidation pattern, with the price trapped in a narrow range around $0.45 to $0.50. The price is still above the 9-day and 21-day moving averages, as well as the crucial 50-day exponential moving average (EMA) at $0.50. The distance between the price and the $0.6-EMA will be crucial if ADA is to reach the $0.50 resistance level in the upcoming trading days.
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The 24-hour relative strength index (RSI) is approaching the overbought zone at 60.09, which may indicate a breakout or drag the price down. The 24-hour trading volume for ADA has decreased by 26%, indicating that traders are waiting to confirm future patterns.
Meanwhile, the MACD (Moving Average Convergence Divergence) curve remains bullish, with intensifying bullish divergence and forming higher bottoms above the neutral zone.
