Reading time: ~3 m
Cardano price analysis reflects a bullish bias that is likely to take the pair above $0.58 over the weekend. The hourly charts are laden with green candlesticks for the day. The bulls are driving the price action higher on the back of low volatility and testing the higher resistance at $0.57 price level.
Buyers are creating a momentum of heavy buying pressure in the ADA/USD pair. The pair faces a critical resistance at $0.57, and then at $0.58 zone. For the second consecutive day, Cardano has pushed up higher towards $0.57 level. The bullish sign of ‘three white soldiers’ is emerging on the hourly charts which will give further boost to the pair in the upcoming week.
Cardano price movement in the last 24 hours: Strong positive trend on the cards
The way Cardano is making higher highs compared to other recovering cryptocurrencies, the pair is starting to look extremely bullish. The reverse ‘head and shoulders’ pattern is also helping the bullish case scenario as the pair tries to close the day beyond $0.56. The breakout will only help strengthen the upward rally including the higher volume data. Cardano price analysis still suggests that a reliable breakout is still to emerge on the charts.
The downtrend on the hourly charts is definitely over and the traders are looking for higher prices. The neck of the ;head and shoulders’ pattern is broken successfully and the day traders are awaiting further positive signs to create small rallies. A renewed pressure over the weekend can help create more upside as reflected in various technical indicators.
ADA/USD 4-hour chart: Technical indicators signal more green ahead
A range of technical indicators is showing signs of higher prices up ahead. The bullish closing can help the pair move ahead of the neckline and even chart course towards $0.60 in the long-term scenario. The RSI remains steady above 55 thereby signalling bulls to purchase more as per Cardano price analysis.
The MACD indicator shows the signal line treading higher path and the histogram is moving upwards as well. Cardano price analysis looks bullish as per the technical indicators on the hourly charts.
Another momentum oscillator, the MACD line crosses above the signal line above zero with rising histograms indicating a continuation of the upside move for now. The ascending triangle pattern is supporting the ADA/USD pair underneath all the way till $0.54 support zone. On the contrary, a sharp drop in prices can take the ADA towards $0.50 level.
Cardano price analysis conclusion: Slow weekend can help ADA consolidate gains
If the bulls are able to keep the prices above $0.55 over the weekend, the prices can consolidate towards the higher side. The volume contraction pattern is also hinting at a higher price target of $0.57 in the coming hours. the support underneath lies at $0.54 where more buying can take place.
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