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Cardano Price Moves Above $0.50, MAY BE THE Price Ready For Breakout?

Cardano price happens to be trading slightly above $0.50, price of the asset has been consolidating in the last couple of days. ADA has been struggling below the immediate resistance level. The coin has attemptedto flash a break-out handful of times nonetheless it was met with the bears every time.

Since Cardano price is trading sideways, potential for a breakout can’t be eliminated immediately. Technical outlook for ADA in addition has began to turn positive because the buying strength began to recover on the chart.

During the last 24 hours, Cardano price noted a little depreciation. Previously week, ADA lost 2% of its market value. The support levels are between $0.50 and $0.45 respectively.

The purchase price had continued to create higher highs and higher lows till the coin started retracing during the last two days. It may be easy for the altcoin to resume its previous price momentum if the technical outlook continues to stay positive.

Buying strength remains crucial for ADA right now. A slip below its present trading level will push ADA right down to $0.45, which may imply that the bears will undoubtedly be in charge again.

Cardano Price Analysis: Four Hour Chart

Cardano Price
Cardano was coming in at $0.51 on the four hour chart | Source: ADAUSD on TradingView

ADA was trading at $0.51 during writing. Cardano price was struggling within the immediate resistance of $0.55. Cardanos price had formed an identical pattern previously, where it fell below the $0.45 mark and raised above the $0.55 price level.

If ADA loses it current momentum, it might again rally on its chart. Additionally other resistance levels stood at $0.62. If Cardano price does not hang on the $0.45 level, it might touch $0.38 on the upcoming trading sessions. Level of ADA traded was in the green which meant that buying strength found on the chart.

Technical Analysis

Cardano Price
Cardano depicted upsurge in buying strength on the four hour chart | Source: ADAUSD on TradingView

ADAs technical outlook began to turn positive during the last 24 hours. The buyers began to enter the marketplace because the coin tried to go upwards on its chart. The Relative Strength Index was positive because the indicator was seen above the half-line.

This reading indicated that buying strength was greater than the selling strength on the four hour chart. Cardano price was parked above the 20-SMA as demand for the altcoin appreciated. This meant that buyers were driving the purchase price momentum on the market.

Cardano price
Cardano depicted a sell signal on the four hour chart | Source: ADAUSD on TradingView

The altcoin also demonstrated mixed signals on its shorter timeframe. ADA flashed a sell signal but additionally the buying momentum hasnt died out yet. The Awesome Oscillator pictured red histograms on its half-line, AO represents the purchase price momentum and changes in exactly the same.

The red signal bars are sell signal on the four hour chart.

Moving Average Convergence Divergence outlines the momentum and trend reversals too. MACD underwent a bullish crossover and continued to create green histograms which are buy signals for ADA.

The histograms on MACD were fading that have been an indicator of bearishness. For Cardano to break past its price ceiling, it important buyers stay in the positive on the chart.

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