Cardano is trading at around $0.90 with limited price movement during the day, and the price has moved within the range of $0.89 - $0.96 today, reflecting a state of relative balance in the market with moderate buying strength supporting the possibility of a continuation of a short-term upward wave. This activity reflects the entry of new liquidity, enhancing the prospects for gains for investors.
Technical Analysis:
Moving Averages: Data indicates that the moving averages are showing negative signals which may weaken confidence in the continuation of the upward trend in the short term.
Relative Strength Index (RSI): The indicator shows a neutral state indicating a balance between buying and selling forces without strong signals of overbought or oversold.
MACD: The lines indicate positive divergence which may suggest the continuation of upward momentum if this trend persists.
Support and Resistance Levels:
Support One: At $0.89, it represents a key support level that should be monitored.
Support Two: Near $0.86, its loss may indicate weakness in the upward momentum.
Resistance One: At $0.96, surpassing it could open the way for further gains.
Resistance Two: At $1.00, it represents a strong resistance level that should be monitored.
Forecast: If the price continues to trade above the $0.89 level, we may see a continuation of the upward trend with potential targets towards $0.96 - $1.00 in the short term. However, if support breaks at $0.86, we may witness a correction towards lower levels.