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Cardano price analysis: Cryptocurrency recover to $1.61 as bulls make a return

Cardano price analysis Cryptocurrency devaluates to as downtrend extends

TL;DR Breakdown

  • ADA value recovers to $1.61 limit.
  • Cardano price analysis predicts uptrend.
  • Support is still fixed at $1.465 level.

ADA/USD 1-day price chart: Price curve takes an upturn to $1.66 as bulls return

The one-day Cardano price analysis predicts a bullish trend for the day as the price covered an upward movement. Although the bulls tried to shift the market trends earlier, the bears have managed to maintain their upper position. The price experienced a drop today during the first half of the trading session as the bears were successful enough to make a comeback. The price is now at $1.61, slightly lower than its moving average (MA) value, i.e., $1.66.

Cardano price analysis: Cryptocurrency recover to $1.61 as bulls make a return 1

The SMA 50 curve is traveling higher than the SMA 20 curve, yet another indication of the bearish supremacy. Nonetheless, the Bollinger Bands Indicator suggests the following values for the day; the upper Bollinger band value is now $2.19, whereas the lower Bollinger band value is $1.47. The Relative Strength Index (RSI) score is close to the under-bought limit, i.e., 34, but has started to improve.

Cardano price analysis: ADA value improves to $1.61 after unexpected spike

The bulls have made a significant comeback in the last four hours, as the price has made a sudden spike. Although the previous hours were highly supportive for the bears as the price experienced a considerable devaluation, the current scenario is quite the opposite. The situation favors the buyers, as the price moved down to $1.588 in the past few hours and has now increased to $1.61. If we discuss its moving average value, then it is resting at $1.55 position for now.

Cardano price analysis: Cryptocurrency recover to $1.61 as bulls make a return 2

The volatility decreases because of the constriction between the Bollinger bands, which means that the bulls might bounce back in the upcoming hours. The upper extreme of the Bollinger Bands Indicator is now at $1.62, whereas it’s lower extreme is present at $1.48. The RSI curve is in the neutral zone as the score is standing at 53 for now.

Cardano price analysis: Cryptocurrency recover to $1.61 as bulls make a return 3
ADA/USD technical indicators chart. Source: TradingView

The past few weeks have been crucial for the cryptocurrency’s progress, as a constant downtrend was controlling the market. This is why the technical indicators chart is predicting a selling trend. We can see that 15 hands are on the selling side; two indicators are on the buying while nine indicators are on the neutral side.

If we discuss the moving averages indicators, it gives out a solid bearish indication. 13 hands are at the selling point. In contrast, one indicator each is at the neutral and buying points. The oscillators give a neutral hint for today, and eight oscillators are on the neutral end; one hand is on the buying while two oscillators are on the selling end.

Cardano price analysis conclusion

The daily and hourly price predictions for ADA/USD are going in the bullish direction today, as the price has undergone an increase. green candlesticks have returned on the one-day price chart, indicating an upward trend for the market. The market value of ADA/USD is now touching $1.61, but it can be expected that the downtrend will prolong in the future.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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