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Cardano price analysis: ADA recovers at $1.092 as bearish pressure still weighs on the price function

Cardano price analysis ADA recovers at as bearish pressure still weighs on the price function

TL;DR Breakdown

  • The Cardano price analysis shows mixed market sentiment.
  • Resistance for ADA/USD is present at $1.133.
  • Support is present for ADA at $1.063.

The Cardano price analysis is giving bullish signals today as the price is on the increasing trend, but the price oscillation is slow, and bulls also lack the required momentum. ADA/USD pair price is trading in a narrow range today, but the price movement is towards the positive side hence favoring the buyers.

On 6th April, the ADA price went down terribly as the entire market was in correction mode. After reaching $1.052, Cardano rejected further downside and started to recover. Though the recovery is not yet complete, the trend has reversed in favor of bulls as the price has recovered up to $1.092. The price is trading in a resistance zone which is why the price upwards movement is slow, and there do exist chances of a bearish trend to return.

ADA/USD 1-day price chart: bullish trend helps recover price to $1.092

The 24 hours price chart for Cardano price analysis shows a bullish price function as the price of ADA/USD is trading hands at $1.092 at press time, but signs of weakness in bullish momentum are arising. Though the coin is reporting a more than one percent increase in price value for the last 24 hours, but the selling pressure is also appearing. The coin is already at a loss of nearly five percent in value for the past week, which is a worrisome scenario, and the trading volume has also decreased by 45 percent today.

Cardano price analysis: ADA recovers at $1.092 as bearish pressure still weighs on the price function 1
ADA/USD 1-day price chart. Source: TradingView

The volatility indicator shows convergence, but the volatility is still on the higher side. The Bollinger bands upper value is present at the $1.293 mark representing resistance, and the lower limit at the mark of $0.932 represents support for the ADA/USD. The price is trading below the mean average of the volatility indicator, which now represents resistance for ADA at the $1.113 mark.

The relative strength index (RSI) curve has straightened out to be almost horizontal, which hints at the lack of momentum from either side of the market. However RSI level is still quite average at index 52.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows the price breakout was upwards at the start of the trading session as the uptrend started yesterday. Later on, a small correction was also observed late at night, which was minimal, and currently, the price is again on the increasing trend as the last candlestick is green on the charts, but the price oscillation is almost nonexistent, which hints at the lack of momentum from the bullish side.

Cardano price analysis: ADA recovers at $1.092 as bearish pressure still weighs on the price function 2
ADA/USD 4-hours price chart. Source: TradingView

The volatility is high on the 4-hour chart as well, with the upper limit of the Bollinger bands at $1.216 and the lower band at the $1.021 mark. The moving average (MA) is trading below the SMA 50 curve and also below the price level. The RSI indicator shows a straight horizontal movement in the lower half of the neutral zone at index 40 and will take a turn in the upper or lower direction depending upon the market trend.

Cardano price analysis conclusion

The Cardano price analysis shows that the cryptocurrency is still trading on the greener side; however, the fear of a bearish return is also there as bulls lack the momentum to outplay the bears at the moment. We expect the ADA to float near the current price level 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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