Cardano May Record a Price Rally Once It Closes Above $1

Cardano was at its lows over the last few weeks; however, recently, the coin began to uplift from its support zone. Once the coin continues to trade above the trend line, it might record a rally. However, the volume shows relative movement for bulls; however, the bulls need to push the price higher for stronger momentum towards highs.

ATR has been in a continuously declining trend on the daily chart since mid-September 2021. The indicator shows no signs of a reversal as its slope is still facing downward. This shows that the range in which the price moves has been diminishing over time, suggesting a consolidation in prices which may ultimately lead to an eventual expansion in either direction depending upon fundamental factors affecting the cryptocurrency. The RSI being 60 is currently moderate and may head towards the overbought zone.

Strong support in the downtrend can be seen when the Cardano price last broke around $0.75. This last low is still holding, and prices have started to climb higher in small increments before it would reach to test a resistance at the last swing high. The price of Cardano may continue to trade above the $1 mark.

The ADA coin has been recently rising from its lower zone. The previous week’s candle shows a rise of 18% towards bulls. The price has recently suppressed the downtrend line after moving below it for a long period of time. The bulls can expect a gainful opportunity once the forming candles show a rise in the price from the current level and may reach a minimum of $1.28.