Cardano (ADA) has been one of the top gainers over the past 24 hours. The price of the asset has depicted a bullish action on the daily chart. The bulls have gained strength and continue to cross other resistance marks.
The main resistance for the coin is now above the $0.60 level. Once the coin manages to trade above the above price level for the upcoming trading sessions, the bulls will find a strong leg.
If ADA fails to cross the crucial resistance level of $0.64, the coin may again move back to the support level of $0.50. With Bitcoin moving beyond the $30,000 price level, it is natural that other major altcoins have reflected on similar price action.
The global cryptocurrency market capitalization today stood at $1.33 trillion, with a 3.8% Positive change in the last 24 hours.
Cardano Price Analysis: One Day Chart
ADA was trading at $0.60, after posting gains of over 8% over the past 24 hours. Important resistance for the coin awaits at $0.64. A decline from the $0.60 price mark will push Cardano to $0.50. In the last week, the coin posted a double-digit gain.
Its price registered an increase of about 27%. With positive price action, buyers have returned to the market. The power of consistent buying will help the bulls maintain their vigor.
The volume bar showed an increase in the previous trading session. The bar was green indicating that the bullish leg of ADA was probably back.
technical analysis
There has been an increase in buying power in the last few days. At the time of writing, buying strength was positive. The relative strength index was placed above the halfway line indicating that buyers have outnumbered sellers in the market.
ADA price settled above the 20-SMA line. This meant that buyers were responsible for driving the price movement in the market at this point in time.
If the coin registers demand it may be possible for ADA to cross the 50-SMA line as well. A price above the 50-SMA line is considered quite bullish for the coin.
Related Reading | Cardano At $0.56, Here Are Important Trading Levels For The Coin
Bollinger Bands indicate the upcoming price movement of the coin. The bands showed a squeeze in the market, which meant that the volatility in the price could reverse. The drop in volatility means a reduction in the volatility in the price of Cardano.
Parabolic SAR determines the price trend and potential price reversal. The dotted lines of the Parabolic SAR are seen below the price candles at the time of writing. As the price rose, the dotted lines converged below the price and indicated a bullish trend for ADA.
For Cardano to sustain the bullish trend, it needs to trade above the $0.64 price range and this will ensure continued bullish price action.
Related Reading | The crypto community on CoinMarketCap predicts $1 Cardano by June 30
