Cardano price analysis: Price recovers to $0.502 amid rising selling pressure

Cardano price analysis: Price recovers to $0.502 amid rising selling pressure
TL;DR Breakdown
  • The Cardano price analysis shows a bullish trend.
  • Resistance for ADA/USD is present at $0.514.
  • Support for ADA is present at $0.477.

The Cardano price analysis shows that the cryptocurrency price has been moving in an ascending direction due to the ongoing bullish momentum. The bullish momentum has been continuous as the last hours have also seen an increase in the price value up to $0.502. However, the bullish momentum now seems to be slowing down as technical indications are suggesting, and a correction may also take place in the coming hours.

ADA/USD 1-day price chart: ADA gains 2.34 percent

The 1-day Cardano price analysis indicates that the price has improved further today. That has been made possible by the bulls, who have been able to successfully continue their winning strikes. The bulls have taken the price value up to $0.502 gaining 2.34 percent value during the last 24 hours, and the coin also reports an increase of 2.84 percent in value for the past seven days.

The price is still present above the Moving Average (MA) value which is currently set at $0.481. The Bollinger bands are covering a larger area which has resulted in high volatility, which is an indication of higher price fluctuations in the future.

ada 1 day 12
ADA/USD 1-day price chart. Source: TradingView

The Bollinger band indicator in the 1-day price chart displays the following figures; the upper band is showing a $0.639 value which represents resistance, whereas the lower band is showing a $0.401 value which represents support for the Cardano price. Lastly, the Relative Strength Index (RSI) curve has been flattening out at index 47, which hints at the presence of bearish resistance at this level.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis is going bullish as the cryptocurrency has gone through a further recovery in the last hours. The ADA/USD price has increased to the $0.502 level, which is a good sign for the buyers.

Meanwhile, the 4-hour price chart is also showing the Moving Average to be at $0.494, and the Bollinger bands average at $0.479. The SMA 20 curve is also going upwards after covering a note-worthy distance through ascending movement.

ada 4hour
ADA/USD 4-hours price chart. Source: TradingView

Moreover, the volatility is increasing on the 4-hour chart with the upper Bollinger band found at the $0.509 level, whereas the lower band is touching the $0.449 level. The Relative Strength Index (RSI) score hasn’t increased significantly because of the arising bearish pressure and is now present at index 60.

Cardano price analysis conclusion

The following 1-day and 4-hour Cardano price analysis indicates an increase in the price value today, as it has moved up to $0.502. Although the past two days proved highly supportive of the bulls, the most recent update has also been in favor of the bulls. However, today the bullish momentum seems weak, and there are eminent chances for a correction to start at any time.

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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