Cardano price analysis: RSI shows newfound uptrend on 24-hour chart

On the 24-hour candlestick chart for Cardano price analysis, price can be seen re-discovering the uptrend from before yesterday that helped price breach the $0.55 resistance for the first time in over 2 months. ADA extended up to $0.57 after losing 4 percent yesterday, and remains on course to move past the next resistance point at $0.60. Price has remained upwards of the crucial moving averages, including the 9 and 21-day moving average, and the 50-day exponential moving average (EMA) at $0.5464.

Technical indicators provide strong hint that a move up to the $0.67-$0.69 bullish target is likely over the coming weeks. The relative strength index on the 24-hour chart provides strong and newfound uptrend in ADA market valuation after jumping back above 60. Meanwhile, trading volume over the past 24 hour fell 12 percent, indicating price consolidation on current price. The moving average convergence divergence (MACD) curve also shows a bullish divergence in place as ADA stabilises above $0.55. Support is offered around $0.52-$0.53 and then $0.50 in case ADA witnesses a reversal in trend over the coming 24 hours.

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