The current Cardano price analysis is bullish as it indicates an improvement in the coin’s price as the bulls are trying to make a comeback once again. The past week proved damaging for the cryptocurrency as the price stooped low yesterday after improving to a limited extent on 19 September 2022. Yet, today the situation is on the positive side as the cryptocurrency is struggling to maintain its price above $0.445, and as the bulls have shown momentum at the start, further improvement in price is highly possible in the coming hours. However, it seems like bears will not allow any upwards movement above $0.452, as recently price faced rejection from the said level.
ADA/USD 1-day price chart: Bulls carry price to $0.452 followed by a correction down to $0.445
The one-day chart for Cardano price analysis supports the bullish side today, as chances of recovery have appeared for the bulls. After a decline observed yesterday, the bulls are striving to uplift price levels again. Despite the increase in price, the coin is still at a loss of 0.63 percent over the past day, and the trading volume has decreased by 25.7 percent. The bullish momentum is weak at the moment, but it may intensify in the upcoming hours, and the price might bounce up from its current level, which is 0.445 at the time of writing.
The moving average (MA) value is at a much greater height and is present at $0.462 above the price level. However, the SMA 20 is trading below SMA 50 after a bearish crossover on 18 September 2022.
The volatility is mild, and the Bollinger bands are not showing any further changes. The upper value of the Bollinger Bands Indicator is now standing at $0.520, representing the strongest resistance, whereas the lower value is present at $0.433, representing the strongest support. The Relative Strength Index (RSI) score has also been slightly uplifted, as the indicator is trading at index 42, indicating the buying activity.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows an up-trend was on the go at the start of the trading session as the bulls were leading the market. But the coin has been going through a correction for the last four hours as the price is falling back and has decreased tremendously. The bullish momentum has successfully led the price action to be on the bullish side yet; however, bears are also gaining strength as the price corrects down to the $0.446 level. The price has fallen below the moving average (MA), which is trading at the $0.447 level.
The volatility is high on the four-hour chart as the Bollinger bands are covering more area. Meanwhile, the upper marker of the Bollinger Bands Indicator is now present at $0.483, whereas its lower band is present at $0.424. The RSI score is falling again after an uplift today as the downwards curve of the indicator has reached index 42, hinting at the selling pressure in the market.
Cardano price analysis conclusion
The one-day Cardano price analysis yet favors the buying side, as an increasing trend is being recorded for the day, despite the fact that most of the technical indicators are still showing negative readings, as the circumstances remained quite unfavorable for the ADA/USD in the last few weeks. But today, the bulls have tried to take the price towards the upside. The price is now settling at the $0.445 mark, but the hourly price prediction suggests the opposite trends, and the daily trend can also turn bearish if the selling pressure continues to strengthen.
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