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Cardano price analysis: Bullish rally drives ADA/USD prices to $0.3156

Cardano price analysis

Cardano price analysis today shows that ADA/USD is currently trading at $0.3156, up sharply from its lows of $0.3040 earlier this week $0.2976. The ADA/USD pair has surged by over  0.72% in the past 24 hours, with strong buying pressure driving the price higher. However, if the buying pressure weakens, ADA/USD could see a pullback to the $0.3125 support level.

The trading volume is $249,497,009, indicating strong market interest in the coin and a market cap for the cryptocurrency is currently at $10.86 billion and ranked 8th in the market.

Cardano price analysis: Latest development

The 4-hour Cardano price analysis indicates a bullish trend for ADA/USD. The coin faced resistance at $0.3207 earlier but broke through this level with strong buying pressure driving the price higher.  The current market trend is bullish as the market looks to recover from the previous lows.

image 396
Source: TradingView

The RSI indicator is currently at 50.26, which is in neutral territory, suggesting that prices could move in either direction in the near term. The MACD indicator is also in bullish territory but is close to the signal line, offering that prices could consolidate in the near term. The 20-day moving average (MA) is currently at $0.316 and the 50-day MA is at $0.315, both of which are bullish signs.

Cardano price analysis 1-day price chart: ADA/USD trades at $0.3156 after a bullish momentum 

The 24-hour Cardano price analysis shows a bullish sign for the market as it indicates that the bulls are still in control. The market has seen a surge in AVAX/USD’s price, with the coin currently trading at the $0.3156 mark. But bearish might take over if ADA/USD falls below the $0.3040 level which acted as a support earlier this week.

image 395
Source: TradingView

The price has been trending higher in recent days and the RSI indicator is currently at 38.87 which is in the overbought region, meaning that a pullback could occur in the near term. The MACD indicator is also in bullish territory and is currently above the signal line, suggesting that prices could continue to move higher. The coin is trading above the 20-day moving average (MA) and the 50-day MA, which is a bullish sign.

Cardano price analysis conclusion

Overall, the Cardano price analysis shows that ADA/USD is currently in a bullish trend, with strong buying pressure pushing the coin’s price higher. with both daily and 1-day price charts and hourly price analysis indicating that the bulls are currently in control. However, there could be a short-term pullback to the $0.3125 support level if buying pressure weakens.

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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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