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Cardano price analysis: ADA/USD set to break above $0.5 soon

Cardano price analysis
TL;DR Breakdown
  • Cardano price analysis shows an uptrend.
  • Resistance for ADA is present at $0.4928.
  • Support is still strong at $0.4581.

Cardano price analysis shows that the coin has started to form an uptrend. The ADA token is trading close to the resistance level of $0.4928. However, if the price breaks above this level, it could rise to $0.5362. On the other hand, if the bears take control, the price may drop to $0.4581.Cardano price started to form an uptrend on the 4-hour chart.

Cardano price analysis shows that the coin has started to form an uptrend. The ADA token is trading close to the resistance level of $0.4928. However, if the price breaks above this level, it could rise to $0.5362. On the other hand, if the bears take control, the price may drop to $0.4581.Cardano price started to form an uptrend on the 4-hour chart.

Cardano’s price is currently trading close to the resistance level of $0.4928. If the price breaks above this level, it could rise to $0.5362.Cardano’s price is trading close to the resistance level of $0.4928. If the price breaks above this level, it could rise to $0.5362.

ADA/USD 1-day price chart: Price levels inflate to $0.4918 as bulls gain control

In 1 day, Cardano price analysis is looking for an ascending formation with a breakout of $0.4928. The market is expected to continue upward toward $0.5000 if the bears defend this level, but we may see a retracement towards $0.4800 and $0.4750 levels before the bulls can retake control.

The market is expected to continue upward toward $0.5000 if the bears defend this level, but we may see a retracement towards $0.4800 and $0.4750 levels before the bulls can retake control. Cardano’s price is trading close to the resistance level of $0.4928. If the price breaks above this level, it could rise to $0.5362.At the time of writing, Cardano’s price is trading at $0.4918 and is up by 2.33% in the last 24 hours.

image 296ADA/USD 1-day price chart. Source: TradingView

The Relative Strength Index (RSI) has moved into the overbought territory, suggesting that there may be some selling pressure at higher levels. The Bollinger band indicator lacks a squeeze in the market because the upper and lower bands are parallel.

Cardano price analysis: Recent developments and further technical indications

The Cardano four-hour price analysis reveals that the bulls have again taken control of the situation, seizing their advantage after successfully defending it. The four-hour price chart shows that the price breakout was upwards, and bulls had full reign over the market for eight hours straight before pushing it to $0.4918.

image 295ADA/USD 4-hour price chart. Source: TradingView

The RSI is currently at 58.16 and has moved into the overbought category, suggesting that a bearish downturn in the market may come soon. The MACD indicator indicates a positive crossover above the signal line, which is a good sign. As the upper and lower Bollinger bands are narrowing, the market is experiencing a squeeze; hence, there could be a drop soon.

Cardano price analysis: conclusion

In conclusion, the Cardano price analysis for today shows support for the buyers, with a significant increase in ADA/USD market value of 2.18%, amounting to a daily and hourly price rise of over 8%. The market is expected to have a strong continuation toward $0.5000 if the bears defend this level, but if they do, we could see a retrenchment toward $0.4800 and $0.4750 before the bulls retake control.

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
Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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