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Though Cardano’s price has been trading sideways for over a week, the cryptocurrency has risen in the last 48 hours in a sign of bullish momentum. The aforementioned increase allowed ADA to approach its immediate resistance, with the cryptocurrency attempting to break the threshold at press time.
ADA was valued at $1.43 at the time of publication, with a market value of more than $45 billion. The coin’s price has increased by more than 25% in the last seven days.
Cardano 1-day chart
Cardano’s price has been selling in a small range over the last fortnight. As previously reported, the last 24 hours saw a lot of bullish traction, driving ADA’s valuation up by more than 11% on the charts.
At the time of writing, the altcoin was attempting to smash through the resistance barrier at $1.51, and if the bulls are able to drive the price beyond this range, ADA will experience quite a bit of price exploration over the coming week and create a new ATH by a broad margin.
However, if this rally does not completely materialise in the next 24-48 hours, the altcoin could be vulnerable to a decline below its support level of $0.93, resulting in a massive 34 percent drop in market price. In fairness, there was another help for the coin at $0.76.
At the time of release, a bearish outlook for ADA seemed extremely doubtful. Since the coin had considerable bullish traction, short positions did not seem to be optimal.
ADA’s technical indicators showed the positive optimism that underpins the price surge. The Stochastic indicator made a bullish crossover and moved deep into the overbought sector.
Given the history, this is a rather bullish warning. The MACD agreed that its Signal line was significantly lower than the MACD line.
Cardano’s price has been slowly rising on the charts over the last few months. Although the coin has seen some sideways volatility, its most recent bullish drive may fuel market exploration beyond its ATH.
However, if the press time level of resistance is not broken, traders should expect a decline to its immediate support level of $0.93.