Cardano price analysis shows the cryptocurrency is in bullish mode today, as the price has started to recover today after some stronger corrections observed yesterday. ADA was in a downtrend for the last two days and lost significant value during this time. The coin also came below the psychological mark of $0.37. However, the price curve turned upward as the coin rejected further downside below $0.3755. ADA is currently testing $0.3897 resistance, and a break above seems possible.
ADA/USD 1-day price chart: Selling pressure might hit again
The 1-day price chart for Cardano price analysis shows that the bulls continue to cover the range upwards after yesterday’s correction. The ADA price has improved from $0.3755 to $0.3897 today as the coin is currently trading at the latter value. ADA reports an increase in price value by nearly one percent for the last 24 hours. On the other hand, it also reports a 2.06 percent decrease in price over the past week, as the trend was mostly bearish for the past week. The trading volume has also decreased to $203 million, and a market cap of $10.59 billion.
The volatility is relatively high for the ADA/USD pair; the upper limit of the Bollinger bands is at $0.3562, while the lower limit is at the $0.29 level. The relative strength index (RSI) is on an upward trend but still in the lower half of the neutral range. However, the indicator has improved its score to an index of 37.87, and its steep upwards curve indicates solid buying activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows the coin has turned bullish as the price has continuously risen for the last 4-hours, which is a hopeful sign after a long correction. However, the overall bearish pressure is still there, so the selling pressure may pile on, with a possible correction in the coming hours. The price has increased to $0.3078 currently.
The Bollinger bands’ volatility indicator still shows high volatility, but it also shows signs of convergence, with its upper band at $0.320, the mean average at $0.3078, and the lower band at $0.301. The price is trading between the lower band and the mean average line of the indicator. The moving average is trading at $0.307, and the RSI is on an upwards curve at index 43.28 on the 4-hour chart indicating the buying activity, but it also hints at the resistance from the bearish side as the curve has been diverted from the steep upwards movement.
Cardano price analysis conclusion
Cardano price analysis favors the bulls today as the bullish momentum is quite overwhelming, putting the bears on defense. ADA/USD is expected to make up more gains today, but a correction may also start if selling pressure returns. However, the coin has gained good value and has recovered to the $0.3078 mark.
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