Cardano bulls reversing the downward trendline towards $1.70

After posting a new 2018 low of $0.9530 against the US Dollar, Cardano started recovering from the $0.9530 swing low against the US Dollar. The recovery was positive, as the price moved above the $1.0400 and $1.0450 resistance levels. There was also a break above the 23.6% Fib retracement level of the last slide from the $1.1400 high to $0.9530 low.

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The cryptocurrency market is in the green today and its showing no signs of stopping. Leading the charge, is Cardano (ADA) which is riding a wave of positive sentiment thanks to a highly anticipated milestone. What’s more, ADA bulls are reversing the downward trendline and moving closer to the $1.70 mark that has been the center of attention of late.

Summary of the situation

  • Cardano closed yesterday’s daily chart at $1.55.
  • The currency has started an uptrend that appears to be heading towards the 50% FIB breakout level at $1.71.

Cardano price forecast: Price Overview

Cardano closed at a low of $1.55 in yesterday’s daily chart, followed by a sharp rise in today’s intraday chart. The currency went from an uptrend at $1.55 to an intraday high of $1.63. Selling pressure is still strong on the weekly chart, but the bulls are trying to maintain their strength and regain control of the market. If the market can make a bullish reversal, the chances of a breakout above the $1.90 and $2.0 resistance levels are high. The 19th. In May, ADA fell along with other cryptocurrency markets. The coin still managed to maintain its market capitalization in the top 10 cryptocurrencies. At press time, Cardano (ADA) is trading at $1.63 after rising more than 5.47% on the 24-hour chart. This price level suggests an uptrend towards the 20-day exponential moving average and suggests that the currency could find support at $1.65. Another bullish sentiment on Cardano’s weekly chart is a huge influx of investments outpacing BTC. Investors seem to prefer blockchains with proof of stake over proof of work. So new decentralized platforms like Cardano, Solana, Polkadot and Polygon are winning over adoption.

Cardano price movement in the last 24 hours

Cardano has started a bullish trend today that looks to be heading towards the IBF’s 50% breakout level at $1.71. The currency has already found support at the 38.2 retracement level and price has just broken through the 18-day moving average. (Source: Tradeview) If the bulls can keep the ADA price action above the 20-day EMA, price could reach $1.94 and hit the next support at the all-time high of $2.34. However, a break below this level could lead to a drop below psychological resistance at $1, which could lead to further price declines towards the dangerous $0.95 area.

Cardano 4-hour chart

(Source: Tradeview) word-image-4442 A bearish channel is forming on the 4-hour chart, with resistance at $1.64. A break below $1.60 could open the door to a downtrend towards the 100-day simple moving average.

Cardano price forecast: Supplement

The overall market is still showing a strong downward trend. Selling pressure is high and market capitalization is eroding. However, we hope that Cardano’s solutions, which have yet to be implemented for scale and smart contracts on the chain, will improve adoption and further increase the price of ADA.

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