Cardano exhibited a rise of over 4% in the past 24 hours, yet its price still lags 7% below its value from the past week.
Current State Analysis
The Cardano price recently broke above a short-term descending trend and is attempting to establish support above the $0.9891 resistance level. Successful closure above this mark could elevate the price toward the next resistance at $1.0933. Conversely, failure might push the price below the immediate $0.8821 support.
Technical Indicators
The indicators on Cardano’s 4-hour chart show the early stages of a bullish trend. The Relative Strength Index (RSI) has begun rising, indicating a strengthening of buyers. Although currently below 50, the positive slope in the RSI line suggests a potential shift in trend. Similarly, the MACD indicator is nearing a buy signal formation.
Future Prospects
Overcoming the $0.9891 resistance level is critical for confirming a positive trend. Successful breaching of this barrier could lead to further price increases. Investors are actively engaging in fast-rising tokens like BEST in the current market.
While Cardano price has recently seen an increase, its future depends on surpassing key resistance levels. Despite current volatility, technical indicators suggest the potential for further growth.
