Cardano price analysis: ADA drawing buying interest ahead of $1.50 push
Cardano’s price increased by more than 5% on the day.
Bulls are aiming $1.50 resistance in the current trend as the price rises.
Trading volume plummeted by more than 40%, confirming the optimistic view.
Cardano price analysis for the day reveals a strong positive outlook. The price increased by more than 5% to $1.21, resulting in a 37 percent increase for the week. The January 26 drop from $1.30 has resulted in a positive run for ADA at the start of the month, and pricing seems poised for another push towards the mark. Bulls will aim to test the $1.50 resistance level in an attempt to move higher. To do so, the price must close above the 38.2 Fibonacci retracement line at $1.32. In the event that the current trend fails to continue, Cardano will likely fall back to the $1.05 support level.
During the day’s trading, the bigger cryptocurrency market showed optimistic results, with Bitcoin surpassing the $44,500 barrier. With a 4% increase, Ethereum also consolidated over $3,000 for the first time. Among altcoins, Ripple gained a massive 6% to reach $0.895. Dogecoin’s price increased by 2% to $0.16, while Litecoin’s price increased by 4% to $140.349. Solana and Polkadot both gained 2%, reaching highs of $115.773 and $22.168, respectively.
ADA/USD 24-hour chart: Bull market confirmed after price pushes past $1.18
Price can be seen surging over the negative trend line at $1.18 and also beyond the critical 25 and 50-day exponential moving averages (EMAs) at $1.15 on the 24-hour candlestick chart for Cardano price analysis. ADA now offers a buy stop order opportunity at $1.20 with profit goals around $1.58. With the relative strength index (RSI) at 52.18, the total market value also warrants a push towards $1.50. Since February 4, the moving average convergence divergence (MACD) curve has remained above the neutral zone, contributing to the bullish picture.
ADA/USD 4-hour chart: Price pushes to close above $1.20
The ADA/USD trading pair’s 4-hour chart shows price trying a make-or-break move to close above $1.20. The Cardano market had a positive 24-hour period and proceeded to make gains while the Asian and European markets were active. As the US market enters the picture, the price must close over $1.20 in order to continue momentum towards the $1.50 milestone. The 4-hour RSI for ADA is 55.45, indicating a little overpriced market valuation, and a closure below $1.190 is predicted to invalidate the bullish thesis.