Price Analysis

Cardano Price Analysis: Will ADA Price Hit June highs at $0.54 in Next 48 Hours?

Author: Sohrab Khawas

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    Cardano price saw an uptrend over the past few days after a week-long of consolidation above the $0.44 level.

    After rallying to a high at the $0.49 level on July 8th, ADA/USDT price saw a minor pullback reaching $0.46. At The time of writing, ADA/USD continues to increase after finding support at $0.46. The altcoin is now getting ready to move towards the $0.50 level. 

    The pair looks poised to move higher in the near term, with the next resistance levels at $0.50 and $0.52. While the major support levels are at $0.47 and $0.45. 

    However, in case there is a bearish breakout, ADA price could hit the support of $0.45 and probably plunge towards June lows at the $0.42 level.

    On the contrary, if the bulls managed to surge above the $0.50 level. ADA price here would likely hit the late June highs at $0.5250 and $0.5450.

    From the view of the graph, the Bollinger bands are close to each other showing the market is bullish although currently, the coin’s price is declining. The RSI indicator is at 44.92 and currently facing rejection as it heads towards the oversold region, if it breaks below 30 this would be a sign of further bearish pressure.

    The MACD is currently in bullish territory but has shown some signs of weakness as the signal line starts to cross above the MACD line.

    The market is currently bearish but with some signs of a potential reversal. The short-term prediction for ADA would be to wait for the market to show further signs of bullishness before making any investments.

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