Cardano price analysis: Price progresses to $0.425 level as a result of a bullish win

Cardano price analysis

Cardano price analysis shows that the coin is currently in a strong bullish trend as prices surged above the $0.42 mark. However, Cardano‘s price is now facing rejection at $0.4268. The ADA market has been on an uptrend for the last 24 hours as prices exceeded the key support level of $0.4226. The buyers have been in control of the ADA market for the last few days as prices surged from the $0.4226 level to the current level.

The digital asset has increased by over 0.26 percent in the last 24 hours and is currently trading at $0.425. The ADA market has a market capitalization of $14 billion, and the 24-hour trading volume is $332 million.

ADA/USD daily price chart analysis: Cardano Prices in a bullish trend

The one-day Cardano price analysis is showing signs of an uptrend as the price has been increasing for the last two days. There have been instances where the bears gained dominance, but the bulls have been at the lead from an overall view. The ADA/USD price has also covered upward movement in the last 24 hours and is now at the $0.425 level. Whereas the moving average (MA) value in the one-day price chart is at the $0.428 level.

image 106
ADA/USD 1-day price chart. Source: TradingView

The upper limit of Bollinger’s band is present at $0.4268, which serves as a resistance point for ADA. Conversely, the lower limit of Bollinger’s band is current at $0.4226, which serves as another support point for ADA. The Relative strength index(RSI) is currently near the overbought levels, which indicates that the prices might correct lower in the near term.

Cardano price analysis on a 4-hour price chart: Prices trying to move higher

The four hours Cardano price analysis confirms an uprise in price as the bulls have been persistently at the lead. A rise in ADA/USD price has been recorded in the last four hours, and the price has jumped to the $0.425 level. It can be estimated that the price will also move over the $0.4268 resistance and mark further heights. The Moving average on a 1-day price chart is currently at $0.425, which is a good support level for the market.

image 107
ADA/USD 4-hour price chart. Source: TradingView

The Relative Strength Index (RSI) for ADA is currently at 43.94, which is currently above the overbought zone. The RSI indicator is rising, suggesting that the bulls are still under market control. Both Bollinger bands for ADA are relatively close together, which suggests that the market is not overbought or oversold.

Cardano price analysis conclusion

The one-day and four hours Cardano price analysis supports the bulls for the day as the price has successfully joined the $0.425 level. The price recovery in the last four hours has also been quite extraordinary and has provided an edge to the buyers for further growth. The strong support at $0.4226 also contributes to the steady price flow.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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