The Cardano price analysis shows a bullish trend for today. The bulls have taken over the price charts once again and have enhanced the price level to $0.528, as the coin is getting positive market sentiment. Currently, ADA is testing $0.532 resistance and will hopefully break above this resistance level in the coming hours as the bullish momentum seems pretty strong.
Against the odds, ADA is maintaining the upward trend when Bitcoin is in correction today. ADA also observed a strong correction in the previous week when the broader crypto market turned bearish, but ADA bulls are on their way to reclaiming the $0.532 level where the coin was on 15 June 2022. The overall scenario is good for buyers as the coin is showing good bullish momentum.
ADA/USD 1-day price chart: ADA shows promising results for the buyers
The 1-day price chart for Cardano price analysis shows bulls are in the lead for today as well, following the bullish lead of yesterday. Even today, their performance has been marvelous, as the ADA/USD pair is trading hands at $0.528 at the time of writing. The price trend has been slightly upwards during the last week, and today the price has rallied high, gaining 9.70 percent value while the coin gained 25 percent value over the past week. On the other hand, the trading volume has decreased by 6.50 percent today, providing a market dominance of 1.70 percent.
The volatility is high for the crypto pair as the Bollinger bands are diverging apart, with the upper band of the indicator at $0.513, which was representing resistance but now the price has gone above this level, and the lower band has come down to $0.410 representing support for ADA price function. The mean average line of the Bollinger bands is below the moving average level at the $0.462 mark. The positive sign is the upwards movement of the moving average (MA) value which just crossed above SMA 50 and is trading at $0.464, which is a bullish indication as well.
The relative strength index (RSI) is trading in the upper half of the neutral zone. The RSI levels improved over the last three days and have reached index 62 today. The upwards curve of the indicator indicates the buying activity in the market after the bullish takeover.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis shows the price breakup was upwards today as the bulls followed their lead, the price function has been progressing in the upwards direction for the last 28 hours, and the price has reached the $0.528 range.
The moving average (MA) is trading at $0.501 below the price level but above the Bollinger band mean average, which is present at $0.480. The volatility is increasing on the 4-hour chart as the Bollinger bands are expanding, with the upper band present at $0.531, representing the current resistance level for the ADA price function as the price trades near it.
The relative strength index (RSI) is moving on an upwards curve in the overbought region, indicating the progress from the bullish side; the indicator has reached index 72, but now its upwards curve is turning horizontal, which hints at opposition from the sellers’ side.
Cardano price analysis conclusion
The Cardano price analysis suggests that the bulls have performed well today and have gained significant value for the coin. The current price level of $0.528 is expected to increase in the coming hours. However, a correction can also be expected at the $0.532 range as the hourly RSI is flattening out.
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