Cardano seems to have won its bullish streak again, what’s next?


Cardano (ADA) has been one of the biggest gainers in the last 24 hours. The asset price has represented a bullish action on the daily chart. The bulls have regained strength and have continued to break through other resistance marks.

The major resistance mark for the coin is now above the $0.60 level. After the coin manages to trade above the aforementioned price level for the next few trading sessions, the bulls will find a solid base.

If ADA fails to cross above the crucial resistance mark of $0.64, then the coin can drop back to the support level of $0.50. With Bitcoin breaking above the $30,000 price level, it is only natural that other major altcoins have been reflected in the same price action.

The global cryptocurrency market capitalization today was $1.33 trillion with a 3.8% positive change in the last 24 hours.

Cardano Price Analysis: One-Day Chart

Cardano
Cardano was priced at $0.60 on the one-day chart | Source: ADAUSD on TradingView

ADA was trading at $0.60 after posting gains of over 8% in the last 24 hours. Crucial resistance for the coin awaited at $0.64. A price drop from $0.60 would push Cardano to $0.50. In the last week, the coin made double-digit gains.

It achieved close to a 27% appreciation in its price. With positive price action, buyers appear to have returned to the market. The constant buying force will help the bulls to maintain their vigor.

Volume bars showed growth in the last trading session. The bar was green, indicating that the ADA bullish leg had possibly returned.

Technical analysis

Cardano
Cardano recorded a spike in buying strength on the one-day chart | Source: ADAUSD on TradingView

The buying force recorded a strong rebound in recent days. At the time of this writing, the buying force was positive. The Relative Strength Index came in above the midline, indicating that buyers outnumbered sellers in the market.

ADA price was above the 20-SMA line. This meant that the buyers were responsible for driving the price momentum in the market at the moment.

If the coin registers demand, then it might be possible for ADA to even cross the 50-SMA line. The price above the 50-SMA line is considered quite bullish for the coin.

Related Reading | Cardano at $0.56, here are the crucial trading levels for the coin

Cardano
Cardano showed a drop in price volatility on the one-day chart | Source: ADAUSD on TradingView

Bollinger Bands indicate the volatility of the incoming price of the coin. The bands showed a contraction in the market, which meant that there could be a drop in price volatility. A drop in volatility means less price fluctuation for Cardano.

The Parabolic SAR determines the price trend and a possible price reversal. The dotted Parabolic SAR lines are seen below the price candles at the time of writing. As the price increased, the dotted lines gathered below the price and indicated an uptrend for ADA.

For Cardano to maintain the bullish stance, it needs to trade above the $0.64 price high and that would warrant continued bullish price action.

Related Reading | Crypto Community on CoinMarketCap predicts $1 Cardano by June 30


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