Cardano’s price has held above $1.50 over the past week, suggesting bears might yet weaken their grip to leave investors eyeing a fresh upside.
The price of Cardano is $1.53 as of writing, down by about 1.44%. The 24-hour trading volume stands at $2,070,921,575, up 7.68% as shown on CoinMarketCap.
Cardano’s price over the past 48 hours has held above a horizontal support line near $1.50. The steady action tracking an ascending trendline follows the crypto market crash in May, which also saw ADA’s price dramatically fall from $2.46 to $0.95.
However, as one of the most popular cryptocurrencies, Cardano has seen some encouraging buying action over the last two weeks. The resilience shown by the bulls has pushed ADA prices above key barriers at $1.16, $1.35, and $1.45, which has held since 13 June.
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Why Cardano price looks positive
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According to founder Charles Hoskinson, Cardano represents a better choice if Tesla wants a digital asset that ticks boxes such as “sustainability, carbon reduction, and carbon neutrality.” If Tesla did turn to ADA it would be huge news for the project.
A look at Cardano (ADA) price charts shows that it has ranged at $1.33-$1.90 since breaking the downtrend on 21 May. The rebound towards $2.00 failed to hold as bears rejected advances at the 20-day EMA near $1.71. The price is currently trailing the 20 EMA curve at $1.52, about 38% down since the all-time high of $2.46.
Bulls will likely continue to struggle here, but a technical flip is possible given the positive divergence suggested by the RSI and MACD on the 4-hour chart.
Either way, Cardano at $1.50, or even lower, looks like a relative bargain compared to other major coins, such as Bitcoin.