Cardano price analysis: ADA heightens to $1.204, more upside to follow?

Cardano price analysis ADA heightens to more upside to follow

TL;DR Breakdown

  • The Cardano price analysis is bullish.
  • Resistance for ADA/USD is present at $1.256.
  • Support is present for ADA at $1.152.

The Cardano price analysis report shows the bulls continue to rule the market for the third day consecutively and have elevated the price level to the $1.204 range today. The bullish lead seems unbeatable as the price function is being constantly dominated by the buyers, and the price levels are constantly rising. The short-term trend line is going upwards, and a further increase in price can be expected in the upcoming week as the market is under bullish control.

ADA/USD 1-day price chart: ADA maintains an uptrend as RSI trades in the overbought region

The 1-day price chart for Cardano price analysis shows the price is covering the range upwards today, and the trend has been bullish for the past few days as well. The trending line in the 1-day price chart is continuously going upwards. Currently, the ADA price has reached $1.204 as ADA has gained 5.87 percent value during the last 24 hours, and a further increase is also expected in the coming hours. The moving average (MA) is trading at $1.072 above the SMA 50 curve, which is also a bullish indication.

Cardano price analysis: ADA heightens to $1.204, more upside to follow? 1
ADA/USD 1-day price chart. Source: TradingView

The ADA price is trading near the upper limit of the volatility indicator, which at $1.229 represents the strongest resistance for the price function. The lower limit of the Bollinger bands is present at $0.641, representing the strongest support for the cryptocurrency. Combining the Bollinger bands indicate high volatility for the crypto pair. The relative strength index (RSI) has been trading in the overbought region for the past few days as it is present at index 73 and can give a sell call at any time.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows the coin corrected at the start of the trading session for the first four hours after breaking downwards today. But later on, bulls took over, and the price function has been upwards for the last 12 hours, which is a good sign. The price has reached almost the level of the upper limit of the volatility indicator and seems like it will break above.

Cardano price analysis: ADA heightens to $1.204, more upside to follow? 2
ADA/USD 4-hours price chart. Source: TradingView

The SMA 20 curve is continuously trading above the SMA 50 curve, confirming a major bullish swing in price movement. The volatility has increased significantly, and now the upper Bollinger band value is at $1.205 while the lower one is at $1.08. The RSI score has slightly improved in the last 4-hours to index 70 exactly at the border of the overbought region.

Cardano price analysis conclusion

The coin’s price has increased further in the last 24-hours as it has been confirmed from the 1-day and 4-hours Cardano price analysis. The bulls are struggling to maintain their upper position on the price charts and have taken the price up to the $1.204 level. Further increase in ADA/USD value is highly expected in the coming hours, as the hourly prediction is also favoring the bullish side.

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.

Related News

Hot Stories

Dogecoin price analysis: DOGE/USD set to break above $0.1 soon?
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Cardano Price Prediction 2022-2030: Is ADA a good investment?
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
Ukraine war and Bitcoin plunge exposes crypto as no hedge against equities

Follow Us

Industry News

The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse