Cardano price analysis: Bulls stumble to rebound ADA prices at $0.4695 level

Cardano price analysis
TL;DR Breakdown
  • Cardano price analysis shows a bullish trend
  • Resistance for ADA/USD is present at $0.4816
  • Support for ADA is present at $0.4587

The Cardano price analysis shows a bumbling rebound of the bulls at the $0.4695 level as they fail to pressure prices higher. The market situation looks bleak for ADA as it currently stands, but the bulls may be able to turn things around if they can muster enough strength to push prices beyond the $0.4816 resistance level.

The ADA/USD has gained about 1.23% in value over the past 24 hours of trading as it currently trades at a price of around $0.4695. The market has been volatile recently, but the bulls have been unable to capitalize on this and push prices higher. The 24-hour trading volume sits at about $625 million and the market cap is now at $16 billion.

ADA/USD daily price chart: Bullish momentum extends gains above $0.4695

The one-day chart for Cardano price analysis indicates a surprising increase in the price levels today. The bulls have been able to break past the barrier created by the sellers at $0.4695 and have a higher value of $0.4816.

image 100
ADA/USD 1-day price chart. Source: TradingView

This value is still ahead of the moving average (MA) of today, i.e., $0.4790, and the relative strength index (RSI) is currently at 63.81. The bulls need to push prices beyond $0.4816 if they want to continue the uptrend in the market. The gap between Bollinger bands is widening, which means that the current trend may intensify. The upper band has reached a value of $0.4808 and the lower band has stabilized at $0.4682.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis indicates that cryptocurrency has gone through an uplift which has taken the price value to $0.4695. The last hours have been highly profitable for the buyers as the bullish candlestick continues to grow, highlighting bullish momentum.

image 99
ADA/USD 4-hour price chart. Source: TradingView

The RSI score is also increasing sharply and is currently showing a reading of  63.35, which is a good sign for the bulls. The ADA/USD is currently trading above the Moving average indicator which is placed at $0.4681, on the 4-hour time frame. The Bollinger bands are also expanding, which suggests that the market is seeing an increase in volatility.

Cardano price analysis conclusion

Overall, The market looks bleak for Cardano price analysis as the bulls have been unable to muster enough strength to push prices beyond the $0.4816 resistance level. However, if they can gain some momentum, they may be able to turn things around and push prices higher.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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