Cardano showed an uptrend after it was trading laterally, the coin has now settled above the $0.47 support mark. Over the past week, the coin gained 7.2% but over the last 24 hours ADA lost 1% of its market value. After the consolidation, the coin targeted its immediate resistance mark.
If the coin continues to remain at the current price level then bulls can be back in the market for a longer time period. The buyers also seem to be back in the market which has pushed ADA to show signs of relief.
If buying strength loses its vigour then, the coin can move to $0.45, post which the coin can trade as low as $0.40.
Even now the coin seems to be trading within a tight range, but the push above the $0.49 mark has displayed itself as a sign of bullishness. With consistent buying strength, Cardano can move past the $0.50 price mark.
Cardano Price Analysis: Four Hour Chart
ADA was trading at $0.51 on the four hour chart after it broke past its consolidation phase. The closest support level of the altcoin stood at $0.47 but slight push from sellers can drag prices to $0.40. There was bullish signals on the four hour chart.
An ascending trendline points at bullishness (yellow). Push from buyers can help Cardano to rise to $0.52 and then to $0.56. To invalidate bearish thesis completely the coin has trade above the $0.56 for substantially long.
The volume of Cardano traded also shot up indicating that buyers were active in the market. The volume bar was green signifying bullish price…