Cardano price analysis: ADA sets up bullish move after rising above $0.55 barrier
Cardano price analysis is bullish today after price broke the $0.55 barrier to rise up to $0.5938 over the past 24 hours. ADA price has been bullish over the past 3 days, having increased more than 13 percent in the process. ADA price against the Bitcoin pair went up by 4 percent over the past 24 hours to 0.00002373 Satoshis and the token is following the same trend as BTC currently. After trading below $0.55 for over 2 months, buyers could now initiate a breakout up to the next resistance point at $0.70. ADA market cap rose by 3 percent over the past 24 hours to move above $19.8 billion, with trading volume gaining over 28 percent.
The larger cryptocurrency market showed mixed signs across the board over the past 24 hours, as Bitcoin dropped from yesterday’s high point of $24,500. Ethereum suffered a 3 percent collapse to lose further ground on the $2,000 mark, whereas leading Altcoins also showed mixed trends. Ripple made a minor increment to move up to $0.38, whereas Dogecoin jumped up 8 percent to sit at $0.08. Meanwhile, Solana and Polkadot dropped 4 percent each to move down to $45.04 and $8,97, respectively.
Cardano price analysis: RSI soars into overbought zone on ADA 24-hour chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a distinct ascending triangular pattern over price action from the past 3 days. ADA bulls are backing a significant increase in price as purchasers appear competitive in the market. Bullish technical indicators present strong support for buyers to target the $0.70 resistance in the next phase. Price currently sits around $0.56 and has risen well above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.5386.
On the other hand, the 24-hour relative strength index (RSI) has moved well into the overbought region over the past 24 hours and sits at 64.19. Trading volume also rose more than 28 percent over the past 24 hours to present further bullish state of market for ADA where buyers are committing to the uptrend. Meanwhile, the moving average convergence divergence (MACD) curve can also be seen forming higher highs above the neutral zone. A breakdown from current state down to below $0.50 would invalidate the bullish thesis, with support at $0.40 next in place for ADA.
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