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Cardano price analysis: ADA price hovers around $1.193. Will bulls take the lead?

Cardano price analysis ADA price hovers around Will bulls take the lead

TL;DR Breakdown

  • Cardano price analysis shows mixed market sentiment.
  • Support for ADA is present at the $1.141 level.
  • Resistance for ADA/USD is present at $1.240.

The latest Cardano price analysis shows a relatively bearish trend as the coin is getting mixed market sentiment today with the balance of power towards the bearish side. The coin value has been reduced up to $1.193; however, bullish efforts have emerged, and the coin has recovered almost all the losses caused by bears at the start of the trading session. As the price has been recovering for the last few hours, it can be expected that the bulls may continue to progress for the rest of the day. On the other hand, if the bearish trend resumes, chances of further drop are to be expected in the future as well.

ADA/USD 1-day price chart: Major trend yet to be set for ADA

The daily Cardano price analysis predicts a decreasing trend for the coin today, as the price has slightly reduced today, and the coin is trading hands at $1.193 at the time of writing. The dominant trend is not yet set for ADA/USD as after declining at the start, the price levels have been elevated again by the bulls late at night. However, the price is towards the reddish zone as bulls yet have to recover more, for which there are ample chances, as the overall trend line is also forming slightly upwards for the past week.

Cardano price analysis: ADA price hovers around $1.193. Will bulls take the lead? 1
ADA/USD 1-day price chart. Source: TradingView

The moving average (MA) value for the one-day DOT/USD price chart is $1.14 after crossing above the SMA 50 curve three days back. The volatility is increasing again as the Bollinger bands are slowly expanding after converging sharply till 7th February, which indicates that future market trends might turn out to support the bullish side. The upper band is touching the $1.21 edge, whereas the lower band is at $0.985. The Relative Strength Index (RSI) is also hovering at index 52 at an almost straight line as none side of the market has outpowered the other yet.

Cardano price analysis: Recent developments and further technical indications

The four-hour Cardano price analysis confirms the above-mentioned scenario, as the bulls managed to make a comeback in the past few hours. The bulls have nearly brought the price level up to the mark from where it fell at the start of the day, as now the bulls seem to be on the upper hand. The cryptocurrency value is now $1.193, and buying momentum is expected to get stronger. The price has traveled above its moving average value, i.e., $1.188.

Cardano price analysis: ADA price hovers around $1.193. Will bulls take the lead? 2
ADA/USD 4-hours price chart. Source: TradingView

The volatility is relatively high, which means that the future price movement might be bullish. If we move towards the Bollinger bands indicator, its upper band is resting at $1.23 while its lower band is present at $1.14. The Bollinger bands average improved up to $1.189, whereas the RSI score has climbed up to index 55 after the eight hours of buying activity.

Cardano price analysis conclusion

The daily as well as hourly Cardano price analysis is mixed market sentiment. The price covered a downward movement at the start of the trading session, but the bullish efforts are also observed, which have recovered the loss incurred, and the ADA/USD price has been rescued up to the $1.193 level. A green signal is being given by the four-hour price chart, which means that the price went higher in the past few hours as well. We expect the bulls to continue their lead for the remaining time of the day.

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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