Cardano [ADA] recuperated along with other top cryptocurrencies after a week-long struggle. It amassed minor gains of a little over 1% around the same time frame.
The bullish impetus has helped the token to consolidate above $1 despite turning down a potentially solid breakout just a week ago.
As the bulls battle to defend important support, Cardano [ADA] was found to be trading hands at $1.19 after a minor surge of 1.89% over the past day. At the time of writing, the fifth-largest crypto-asset registered a market cap of $37.92 billion and a 24-hour trading volume of $2.58 billion.
Cardano [ADA] Daily Price Chart:
Cardano [ADA] has been consolidating within a tight rangebound. Despite not breaking below the immediate level of support, the upward sloping 50 DMA [Pink] appeared to be closing in on the ADA price candles. If the DMA manages to outpace the latter and moves above, it can be damaging for ADA’s price in the near term.
100 DMA [Blue], on the hand, continued to support the candlestick arrangement as it hovered well below the 50 DMA.
Are ADA Bulls Ready For An Upward Flip?
It appears as if they are. The bulls have defended Cardano’s price all this while even as it faced critical resistance for an upward move. This was evident in the above chart which depicted that the technicals are slowly switching positive.
The small green closing bars of the Awesome Oscillator, for instance, suggested a minor but bullish momentum for the token’s near-term price action.
The MACD also appeared to be gearing up for a bullish crossover after a week of treading on the negative side. This also indicated a rise in buying demand.
The RSI closing above the 50-median level also demonstrated a sentiment of steady buying pressure among the market participants of the crypto-asset.
In case of an upside break, Cardano could target its nearest resistance levels of $1.29 and $1.38 while the support points remained untested at $1.03, $0.96 and $0.84 respectively.