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Cardano price analysis: ADA shows sideways price movement at the $0.542 level

Cardano price analysis: ADA shows sideways price movement at the $0.542 level
TL;DR Breakdown
  • Cardano price analysis shows a bullish trend for today.
  • Support for ADA/USD is present at $0.524.
  • The closest resistance is found at $0.576.

The Cardano price analysis reveals price has increased again today to the level of $0.542 at the time of writing. But despite climbing up and maintaining the price level, the ADA/USD asset is unable to make any major breakthrough. Nevertheless, the ADA/USD price shows stability at the present price level, and the next resistance is still far above at $0.576 level.

ADA/USD 1-day price chart: price oscillations remain low

The 1-day price chart for Cardano price analysis shows the price has moved up, but the price function shows exhaustion before attempting the resistance present at $0.756, as yesterday’s bullish trend was also very limited if we consider the price increment, and today’s bullish trend also shows low price movement.

However, ADA/USD pair has gained a value of 3.6 percent over the last 24 hours and is still at a loss of 6.04 percent in value over the course of the last seven days due to the bearish trend earlier during the past week. The trading volume has increased by 24.3 percent.

adausd 1 day price cart 2022 05 23
ADA/USD 1-day price chart. Source: TradingView

The volatility is high, as Bollinger bands cover a larger area, with the upper band at the $0.840 mark representing the strongest resistance and the lower band at the $0.374 mark representing the strongest support. The mean average of the Bollinger bands is forming at the $0.607 mark above the price level. The price is still below the mean line of the indicator; it is a sign that the price function is still under bearish pressure.

The relative strength index (RSI) has mostly remained in the lower half of the neutral zone since 13 May 2022 but has been unable to move to a higher level and is found at the same position at index 38. The straight horizontal movement of RSI represents less price movement and a lack of momentum from either side of the market.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows the price breakup was upwards today, and the price function is still headed upwards at the moment; however, price oscillation is less. As the Bollinger bands have also formed a narrow channel, we can expect the price to maintain its level.

adausd 4 hour price chart 2022 05 23
ADA/USD 4-hours price chart. Source: TradingView

The volatility is low on the 4-hour chart as well, with the upper Bollinger band at the $0.548 mark and the lower band at the $0.511 mark, with the average mean line at the $0.530 mark below the price level. The relative strength index (RSI) is in the upper half of the neutral zone, trading at index 54 but moving straight ahead, showing less price movement as of now.

Cardano price analysis: Conclusion

The Cardano price analysis suggests a bullish momentum as the price has increased today, but the price movement is minimal, which shows traders are speculating around ADA//USD assets, which is the reason for low volatility and lower trading volume. We expect the coin to maintain its price levels for today; the price may increase further, but surmounting this resistance level at $0.576 seems difficult today.

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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