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Cardano price analysis: ADA is bullish today as price nears $1 psychological mark

Cardano price analysis ADA revisits as bears intervene

TL;DR Breakdown

  • Cardano price analysis shows an uptrend.
  • Resistance for ADA/USD is present at $0.931.
  • Support is present at $0.887.

The most recent Cardano price analysis predicts a bullish trend for the cryptocurrency as it underwent recovery in the last 24-hours. The bullish wave has reappeared as the buying momentum is returning with time after a continuous decline observed for the last two weeks. But now the trend is changing, and the upward curve is expected to extend in the upcoming week, as well as the price is oscillating upwards. The ADA/USD value has recovered back to $0.909 after the recent recovery.

ADA/USD 1-day price chart: Bulls to re-attempt $1

The one-day Cardano price analysis shows that a bullish trend currently controls the market as an increase in coin value is observed. The price underwent a loss during the past week, but the increasing trend is getting quite stronger now. The short-term trending line is again moving in the ascending direction, and the ADA/USD value is now standing at $0.909, quite near the psychological mark of $1. The price is just a little lower than its moving average (MA), i.e., $0.910.

Cardano price analysis: ADA is bullish today as price nears $1 psychological mark 1
ADA/USD 1-day price chart. Source: TradingView

The area between the Bollinger bands is increasing, suggesting an increase in the volatility. The upper band of the Bollinger bands indicator is touching the $1.243 point representing resistance, whereas their lower band is present at a $0.793 level representing the strongest support. The Relative Strength Index (RSI) graph shows an upward curve as the score has increased up to index 38 today.

Cardano price analysis: Recent developments and further technical indications

The hourly Cardano price analysis supports the bears as the cryptocurrency value underwent a decrease again in the last four hours. Although the bulls were ruling the price chart in the earlier hours, and an increasing trend was following, but a correction has been observed in the last four hours. Red candlestick indicates that the coin value is dropping as it just touched the $0.917 hurdle. But we expect the bullish momentum to return again in the coming hours. The moving average value in the four-hour price chart is standing at $0.876 below the price level.

Cardano price analysis: ADA is bullish today as price nears $1 psychological mark 2
ADA/USD 4-hour price chart. Source: TradingView

The volatility is increasing as the Bollinger bands are showing signs of divergence. If we discuss the Bollinger bands Indicator’s values in the hourly price chart, the upper band shows $0.958, whereas the lower band displays a $0.774 value. The RSI graph shows a descending curve due to the latest bearish strike, and the score has decreased to index 54 due to the latest correction.

Cardano price analysis conclusion

The given one-day and four-hour Cardano price analysis is going bullish for the day as the price is trading on the greener side, and an increase in cryptocurrency value is observed. The winning chances for the bulls are increasing as the ADA/USD price underwent recovery up to $0.909. On the contrary, the four-hour price chart displays a drop in price, which has followed a bearish trend in the past four hours. However, it can be expected that bulls will make another attempt for $1 in the coming hours.

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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