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Cardano price analysis: Bulls deny further downside as ADA gets support at $0.908. Further recovery on the way?

Cardano price analysis Bulls deny further downside as ADA gets support at Further recovery on the way

TL;DR Breakdown

  • The Cardano price analysis is bullish.
  • Resistance for ADA/USD is present at $0.956.
  • Support is present for ADA at $0.902.

The latest Cardano price analysis is in favour of bulls as the price has undergone a considerable recovery from the start of the trading session. Although the bears tried to secure the winning position on the price chart by lowering the coin value yesterday, the recent progress has been in the bullish direction. This is a promising sign for cryptocurrency buyers, as the price is again touching the $0.917 mark. Further recovery also seems possible if the bullish momentum sustains.

ADA/USD 1-day price chart: ADA price moves in the positive direction

The daily Cardano price analysis shows a bullish trend as the buying activity has been restored today. Earlier, a bearish wave dominated the market as the bulls were facing strong resistance, and the price was going down for the last two days, But now it seems that the price trends are once again changing in favour of the buyers. The coin value has been enhanced up to the $0.917 mark. However, the coin is still reporting a loss of 3.3 for the last 24 hours of price movement as the trend was downwards up till yesterday. The price is still at a lower point than its moving average (MA) value which is at $0.934.

Cardano price analysis: Bulls deny further downside as ADA gets support at $0.908. Further recovery on the way? 1
ADA/USD 1-day price chart. Source: TradingView

The volatility is high, which has provided the opportunity for the bulls to overcome the losses. However, the volatility indicator is showing a downward movement with both its banks travelling downwards, which hints at the possibility that the price levels will remain low during the coming days.

The upper edge of the Bollinger bands indicator is resting at $1.189, representing the strongest resistance, while its lower edge is settled at $0.817, representing the strongest support for ADA. At the same time, the Bollinger bands indicator displays an average of $1.003 above the current price level. The relative strength index (RSI) has taken a turn in the upwards direction, and its score has increased to index 41 because of the latest upturn in the price.

Cardano price analysis: Recent developments and further technical indications

The four-hour Cardano price analysis confirms an increasing trend as the price has covered an upward movement in the past few hours. This can further be confirmed from the four-hour price chart, where the green candlesticks indicate a rise in coin value. A strong correction was observed during the last eight hours of the previous trading session, but now, the bullish momentum has successfully rescued the price above the $0.917 margin, and it seems like the bullish momentum will continue for the rest of the day. Meanwhile, the moving average in the four-hour price chart is trading at a $0.935 position.

Cardano price analysis: Bulls deny further downside as ADA gets support at $0.908. Further recovery on the way? 2
ADA/USD 4-hours price chart. Source: TradingView

The volatility is mediocre as the Bollinger bands are covering less area, and the price has recovered above the lower limit of the indicator, which is a good sign for the upcoming price trends. The upper value of the Bollinger bands indicator is now at $0.968, whereas its lower value is at $0.911. The RSI score has increased to index 42 because of the uptrend for the last eight hours.

Cardano price analysis conclusion

The one-day and four-hour Cardano price analysis predicts an uptrend for the crypto pair as the buying activity rises. The bulls have managed to escape the bearish shadow by recovering the coin value to $0.917. The hourly price chart also displays green candlesticks as the market value of ADA/USD has increased during the past four hours as well. We anticipate ADA to continue further upside for today, and if the bulish momentum continues, then at least for another trading session as well.

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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