Cardano price analysis: Bullish momentum helps recover ADA to $0.938. Correction to follow?

Cardano price analysis Bullish momentum helps recover ADA to Correction to follow

TL;DR Breakdown

  • The Cardano price analysis is bullish.
  • Resistance for ADA/USD is present at $0.976.
  • Support is present for ADA at $0.901.

The Cardano price analysis is bullish as it shows the price is recovering after correcting yesterday. The market has been following a bullish trend today, but as the price reached $0.949, the selling pressure returned and is currently suppressing the price levels again. However, the price is still trading on the greener side and is currently at the $0.938 level. Support is present at $0.901, which is still further downwards, but ADA will hopefully start to recover back before reaching down to this support level.

ADA/USD 1-day price chart: ADA shows minimal recovery as bulls need more support

The 1-day price chart for Cardano price analysis shows the balance of power is yet towards the bullish side as they made significant gains at the start of the trading session. The crypto pair is trading hands at $0.938 at the time of writing, but the gains are on the lower side as the coin reports an increase of only 0.23 percent in value for the last 24 hours. However, the selling pressure is also there as the coin price has decreased after oscillating high. The trading volume is yet on the increasing side as it is 10 percent more compared to yesterday.

The past week has brought relief for the crypto pair as the price trend line despite remaining slightly downwards, but the losses have been minimized, as the coin reports a 3.13 percent decrease in value over the last week.

Cardano price analysis: Bullish momentum helps recover ADA to $0.938. Correction to follow? 1
ADA/USD 1-day price chart. Source: TradingView

The volatility for the Cardano is high, as the Bollinger Bands indicate, with the Upper band at $1.206 representing the strongest resistance and the lower band at $0.826 representing the strongest support for ADA, making an average at $1.016. The price is trading between the mean centerline and the lower limit of the volatility indicator. The relative strength index (RSI) is yet not supporting any trend as it is trading on a horizontal curve at index 42 in the lower half of the neutral region, but as the curve has straightened out, the indicator is hinting at the presence of bearish pressure.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows a correction that started during the last four hours. The price breakout was in the upwards direction today, but the recent correction has brought the price down to the $0.937 level in the last four hours, almost nullifying the gains made at the start of the trading session. However, the price is still trading in the green as the bullish move was also aggressive at the start of the day, and the bullish side still dominates the market.

Cardano price analysis: Bullish momentum helps recover ADA to $0.938. Correction to follow? 2
ADA/USD 4-hours price chart. Source: TradingView

The volatility is comparatively mild on the 4-hour chart as the Bollinger Bands average is forming at $0.933, while the upper band is at $0.974, which indicates resistance for the ADA/USD pair price, and the lower band is at the $0.891 mark representing the current support level. The RSI has also been decreasing below the centerline of the neutral zone at index 48 but is still at an acceptable level; however, the steep downwards curve hints at a possibility that the trend may turn bearish if the selling pressure continues.

Cardano price analysis conclusion

The Cardano price analysis shows that the coin is yet showing a partial recovery for today. However, it is currently in correction and may continue to follow a downtrend for a few hours more if the selling pressure persists. If the support fails to hold, ADA may continue downside below the $0.936 range, which will turn the trend into a bearish direction. On the other hand, we anticipate that the coin will start recovery, which may continue for the remaining hours of the day as bulls made an impactful comeback at the start of the trading session.

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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