- Cardano price tests $0.80 resistance amid rising volume, signaling potential for a breakout or consolidation.
- Open interest in Cardano increases by 12.73%, suggesting traders expect further upward movement.
- Cardano MACD shows bullish momentum, while RSI at 70 signals room for growth before a possible correction.
Cardano price has recently stabilized near the $0.80 dollar value, indicating bullish prospects. Having stabilized after hitting a bottom of $0.78, Cardano went up slightly and briefly reached as high as $0.80, but this is the resistance level that has not been able to surpass by the crypto. With Cardano still testing this level, traders are wondering whether the rally will sustain or whether a correction is about to come.
Cardano Price Action and Resistance Levels
Cardano price has recently made a strong runout, starting at $0.78 and hitting the much-awaited resistance point at $0.80, failing to break the threshold. The support of $0.75 is well held and acts as a cushion against further falls.
The volume has increased by 159.18% to $2.99 billion, indicating the wider use of markets, and open interest has also increased by 12.73%, which means traders are positioning themselves to await a major move.
Source: CoinGlass
Though the options volume has plummeted by 92.94% and the options open interest was cut very marginally, our market is wary. In case Cardano price breaks $0.80, it can stir up to $0.85. Subdued options trading and a long-biased market, however, indicate traders are awaiting a more specific direction, with volume and open interest being the most vital indicators of any breakout or pullback.
Cardano Price and Technical Indicators Support Bullish Trend
Cardano price has a number of bullish technical indicators, which indicate that Cardano price can continue to appreciate. The Moving Average Convergence Divergence (MACD) line is found above the signal line to be making an upward trend.
Furthermore, there is an upward trend in the Moving Average Convergence Divergence (MACD) histogram, which means buyers are still in control. These indications indicate that the Cardano price may remain bullish as long as the market upholds the positive market stands.
Source: Tradingview
The Relative Strength Index (RSI) is at 70.52, which means that Cardano price is approaching overbought territory but has not yet entered an inversion area. This implies the possibility of more growth before a possible correction of growth. However, the $0.80 resistance will only be broken when there is more buying pressure and bullish traction in the market.
Read Also:
