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Cardano price analysis: ADA spikes towards $0.5085, bulls aim to stabilize around $0.50

Cardano price analysis
TL;DR Breakdown
  • Cardano price analysis shows an uptrend.
  • ADA prices are facing resistance at $0.55.
  • The price has increased up to $0.648 today.

The Cardano price analysis suggests a strong bullish trend for today as the price has improved significantly in the last 24 hours as the bulls are continuing to rule the market. The price is currently trading at $0.5061 and the price has increased by 9.52 percent. The bulls are trying to push the prices higher but are struggling to break through the resistance. ADA price has been on a downtrend alongside the rest of the market for the past few days. However, the price started to increase yesterday and has continued to do so today.

The bulls are trying to push the prices higher but are facing resistance at $0.55. If they can break through this resistance, the price is likely to continue its uptrend and reach $0.70 in the near future. The volume traded in the last 24 hours is $2,226,875,394.71 while the digital asset ranks at position 7 in the digital asset market. The market dominance for ADA is $1.84 percent and has a total supply of 33,752,565,071 ADA coins.

ADA/USD 1-day price chart: Bullish trend escalates, marking higher gains

The bulls are continuing to push the prices higher as ADA prices surged by 9.52 percent in the last 24 hours. The market has witnessed some buying action as the prices surged from $0.46 levels to $0.5061 levels. The buyers are trying to push the prices further higher but are failing as the prices are struggling to break through the resistance at $0.55.

The MACD shows a bullish crossover as the signal line crosses above the histogram, which indicates that the bulls are in control of the market. The RSI is currently trading at 61.21 and is heading towards the overbought levels, which indicates that the prices might face some selling pressure in the near future. However, the bulls are likely to buy on every dip, which could lead to further gains in the price.

image 247
ADA/USD 1-day price chart. Source: TradingView

The market volatility is increasing as indicated by the Bollinger Bands. The upper and the lower bands have widened, which indicates that the prices are likely to see some volatile trading in the near future. Also, the EMA’s are also trending upwards, which indicates that the bulls are in control of the market. The 20-day EMA is currently trading at $0.447 and the 50-day EMA is currently trading at $0.403.

Cardano price analysis on a 4-hour chart: Prices surge towards $0.55

The Cardano price analysis on the 4-hour chart shows that the prices have surged from $0.46 levels to $0.5085 levels in the last 24 hours. The bulls are in control of the market as they are pushing the prices higher but are facing resistance at $0.55. The Moving averages lines are currently trending upwards, which indicates that the bulls are in control of the market. The MACD shows a bullish crossover as the signal line crosses above the histogram, which indicates that the bulls are in control of the market.

image 246
ADA/USD 4-hour price chart. Source: TradingView

The Relative strength index is currently trading at 75.47 and is in the overbought territory, which indicates that the prices might face some selling pressure in the near future. The bulls are likely to buy on every dip, which could lead to further gains in the price. The Bollinger bands are currently starting to widen, which indicates that the market volatility is likely to increase in the near future. Also, the 20-day EMA is currently trading at $0.448 and the 50-day EMA is currently trading at $0.408.

Cardano price analysis conclusion

Cardano price analysis shows the market is correcting higher after a period of bearish pressure. The bulls are in control of the market as they are pushing the prices higher but are facing resistance at $0.55. However, the bulls are likely to push the prices higher and retest the $0.70 levels in the near future.

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.
joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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