Cardano (ADA) to Overcome Hurdle at $1.15 – Price Analysis

  • Cardano presents bullishness today.
  • The altcoin trades near $1.071 at the moment.
  • The nearest resistance stands at $1.15.

Cardano witnesses corrections from its Saturday peak of $1.090. Though the price retraced towards yesterday’s high near $1.090, breaking the descending channel translated to bullish signal or Cardano today.

ADA/USD saw losses today, trading near $1.076, and might be ready to hit yesterday’s peaks once more. The altcoin might be prepared to surge towards the following resistance zone at $1.15, the level where buyers can emerge for further uptrends.

Cardano 24Hr Timeframe – ADA Consolidated Beneath $1

The crypto space presented a bullish picture within the past 24 hours. However, Cardano stays on the road to visit its yesterday’s peak after consolidating towards its previous resistance level of $0.058. Meanwhile, the assets lacked volatility over the last few days since ADA touched $0.095 before dropping towards $0.058 today. Though we remain optimistic, Cardano may witness further drops today.

Cardano highlighted bullishness before a correction as market players predicted a lucrative move beyond $0.095 if ADA surmounts previous resistances. The altcoin enjoys the anticipated developments now, and pundits remain positive, seeing consolidations before Cardano launches its next move.

Cardano 4Hr Timeframe – ADA Sees Bullish Strength

The 4hr chart reveals ADA/USD gradually heading to the following resistance of $1.15. The altcoin presents bullish signals as it seems to boost the momentum necessary to overcome previous obstacles before consolidating once more to extend upside moves.

The Bollinger bands display lucrative volatility while narrowing, presenting another bullish gesture, supporting ADA’s break past resistance of $1.15. The 4hr chart shows adequate strength for a potential break past $1. The altcoin might then see a swift increase towards the following resistance near $1.15 before a consolidation phase welcomes further upswings.

The daily chart shows ADA/USD nearing its immediate resistance at $1.080, the level it could not crack before. Success this time would reveal further uptrends to the previous peak or higher. Since the resistance remains crucial, Cardano might test $1.15 after consolidation within the current levels.

The 4hr timeframe MACD highlights a bullish gesture. Meanwhile, the RSI shows that ADA is in overbought conditions, but that doesn’t mean massive retracements anytime soon.

Final Thought

The Elliot wave indicated how ADA hovers in its 3rd phase, meaning it might be on its last upward move now. Overall, the token can break beyond $1 and consolidate before another uptick beyond $1.15 in the coming days.

By Edward Richardson
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