FxNews—Cardano is in a bull market. Yesterday, the cryptocurrency in discussion entered a minor consolidation phase after the price peaked at $0.393. As of this writing, ADA/USD is trading at approximately $0.382.
The daily chart below demonstrates the price, support, resistance levels, and technical indicators utilized today.
Cardano Technical Analysis – 25-September-2024
The recent surge in the Cardano price caused the Stochastic and relative strength index indicators to step into overbought territory. Hence, the price dip in the last 24 hours was expected.
Additionally, the Awesome oscillator‘s last bar changed its color to red, showing some bearish market activity. On the other hand, the ADA/USD price is above the 50- and 100-period moving average, signifying that the uptrend prevails.
Overall, the technical indicators suggest the primary trend is bullish and should resume after a minor consolidation.
Cardano Forecast – 25-September-2024
The immediate resistance rests at the August 25 low, the $0.376 mark. From a technical perspective, the uptrend will likely resume if the bulls hold above $0.376. The next bullish target in this scenario is the August 2024 high at $0.40.
Furthermore, if the buying pressure pulls the price above $0.40, the Cardano’sCardano’se could peak at the July 3 high of $0.421.
Please note that the critical resistance for the bullish market is at 0.364, the September 13 high. If the ADA/USD price dips below this level, the current uptrend should be invalidated.
Cardano Support and Resistance Levels – 25-September-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $0.376 / $0.364 / $0.349
- Resistance: $0.40 / $0.421
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
