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.
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.
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.
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