TL;DR Breakdown
- Cardano price analysis shows an uptrend.
- Resistance for ADA/USD is present at $0.997
- Support is found at $0.930.
Today’s Cardano price analysis is bullish as the price has risen today, after having dropped for a week, and yesterday was particularly damaging. Still, today’s bulls have taken control of the market, and the upward trend has been restored once more. In the coming hours, further price increases are expected.
ADA is valued at $0.997; Support found at $0.930; Resistance at $0.997, which was previous support and now resistance to price rises due to historical figures that would indicate price drops.
ADA/USD 1-day price chart: Coin value nears $1 after sudden recovery
The Cardano price is on a comeback again, following a lengthy decline. As bulls have reclaimed their momentum after a long spell of weakness, the cryptocurrency’s value has started to recover. The coin’s value has begun to return as it has risen to $0.974, nearly matching the psychological barrier of $1, growing by over three percent in the past hour. The value of ADA/USD has been declining for nearly two weeks now, following Bitcoin’s sudden price break, which saw prices drop by over $1,000 in just 12 hours. After reaching highs of $1.28 at the start of January, it has declined substantially and is now trying to pick up momentum for the final jump to $1.65. The last time Cardano‘s price was at this value was in mid-December, before then declining to its current position.
ADA/USD 1-day price chart. Source: TradingView
The volatility of ADA increases as the price changes get more extreme. The lower end of the volatility indicator shows increased divergence downwards. It has reached $.939 in value, which is still well below the price level that indicates ADA’s price function. The Bollinger bands’ upper limit is at $1.225, which represents resistance given that this was previous support and also given that the price has struggled to surpass $1.22 due to the higher highs recorded last week. Resistance for ADA/USD is present at $0.997; Support found at $0.930; Resistance at $0.997, which was previous support, and now resistance to price rises due to historical figures that would indicate price drops.
The StochRSI indicator has begun to show a small divergence formation, which is positive for the market. It indicates an upcoming return in momentum so that bulls will come back soon enough. The RSI indicator remains at 50, which also reflects this volatility.
The Cardano market has also seen a few spikes in volume as the past hour has seen high volumes for this time of day, which indicates that there is still some interest in the market. Those are willing to support the cryptocurrency if it does start increasing again.
ADA/USD 1-day price chart: ADA prepares for next move upwards The Cardano price is on a comeback again, following a lengthy decline. As bulls have reclaimed their momentum after a long spell of weakness, the cryptocurrency’s value has started to recover.
The relative strength index (RSI) is trading in the lower half of the neutral zone at index 39, and the upwards curve of the indicator shows the buying activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis suggests that the bullish momentum has resulted in a rise in the currency’s value. The price has recovered to $0.974, as the trend remained strongly bullish for today, and yesterday’s activity was also bullish, which helped enhance the coin’s value.
The price movement is gaining momentum in the following hours, as the price action has surpassed the moving average (MA), currently trading at $0.956. Also, on the 4-hour chart, the Bollinger bands values are as follows: The upper Bollinger band is at $1.046, while the lower Bollinger band.
Cardano price analysis conclusion
The Cardano price analysis is bullish for today previously. The bearish pressure continued for the past week, seriously decreasing the price levels. Still, today the bullish trend has been resumed, and the ADA/USD value has been recovered to the current price level of $0.974. The bullish trend seems to be extending in the future, and we expect ADA to continue upside for the next 24 hours. If the bullish momentum continues, it may break above the $1 psychological mark in the next trading session.
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