The price of Cardano [ADA] has gained around 8% in a 24-hour bull run which escorted its price towards the $0.085 mark. The top cryptocurrency recorded the highest gains since June 28, surpassing bitcoin and every other major altcoin. This current bull run is painting a bullish scenario in the near term and this may be a clear indication for future prices.
Amid the intraday price swing, Cardano [ADA] reached a top price of around $0.0840. This top was recorded having bounced off the support at the bottom price of June 27, 23:30 hours UTC at $0.0738. This bounce wasn’t opposed by the midline moving average upon which prices have had major difficulties in the past.
As of now, ADA is trading at $0.08177 as market capitalization grows to $2.14 billion. These figures relate to an increasing 24-hour volume which now stands at $224.35 million.
ADA/USD Price Chart
ADA/USD initially found support at the $0.073 area where the Resistance Strength Index was hovering around the 30.0 oversold conditions. Bouncing off the area, buyers pushed prices beyond the midline at 50.0. Although a strong resistance seems to exist at the 60.0 RSI, we may see the bulls rejecting lower prices below the $0.08 mark.
Beyond the $0.085 mark, further resistance lies at the $0.09 level. Selling pressure pushing prices above the midline moving average of the Bollinger band indicator may assist in attaining higher prices towards the $0.1 in the short term.
Although selling pressure seems to be set in, the price of ADA couldn’t penetrate the 60.0 RSI level to the upside. A little price fall within the last hour has kept market momentum bearish for a while. If the pressure persists, prices may seek support at the $0.08 level again. We will except a market turn-around soon. Otherwise, the seller may seek lower prices below $0.078.