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Cardano price analysis: ADA/USD trades above $0.3145

ADA

TL;DR Breakdown

  • Cardano price analysis shows a bullish trend
  • Resistance for ADA is present at $0.358
  • Support for ADA/USD is present at $0.309

Cardano price analysis shows that the cryptocurrency is bullish momentum today as prices continue to go upward. Cardano price analysis reveals ADA’s current price is $0.3145 and has increased by a small value of 1.09 percent in the last 24 hours. The bulls have been defending the key support of $0.309 for the past few days and have not allowed the price to drop below this level.ADA is currently testing $0.358 resistance, and a break above seems possible. The market cap is currently at $10,838,608,647 and the 24-hour trading volume for ADA/USD is at $$144,396,089.

ADA/USD 4-hour price analysis: ADA/USD price in a bullish signal

After a protracted downturn, the 4-hour Cardano price analysis indicates that the coin has turned bullish as the price has been rising steadily for the last 4 hours. Cardano price analysis reveals the market volatility to follow an uncertain closing movement, which causes the ADA prices to become less susceptible to volatile change. As a result, Bollinger’s band’s upper limit is $0.3243, acting as the strongest resistance point for ADA. Conversely, the lower limit of Bollinger’s band is at $0.2995, representing the strongest support of ADA.

image 169
ADA/USD 4-hour price chart, Source: TradingView

The Relative Strength Index (RSI) is currently at 43.19 and is slowly rising towards the overbought region, which suggests that the prices may consolidate at current levels before a breakout. The MACD line(blue) is above the signal line(red), which shows that the bullish are in control of the market.

Cardano price analysis for 1-day price chart: Price moving unboundedly upward

The 1-day price chart for Cardano price analysis shows that the bulls continue to cover the range upwards. The ADA price has improved from $0.3145 to $0.3149 today as the coin is currently trading at the latter value at the time of writing. According to ADA, prices have increased by almost 1% over the past day.

image 170
ADA/USD 1-day price chart, Source: TradingView

The MACD indicator indicates that the  Cardano price is gaining momentum as the fast-moving line crosses above the signal line. The Bollinger bands’ volatility indicator still shows high volatility, but it also shows signs of convergence, with its upper band at $0.3238, the mean average at $0.3145, and the lower band at $0.3052.The Relative Strength Index (RSI) score follows an upward movement indicating dominant buying activity.

Cardano price analysis conclusion

To, conclude, the Cardano price analysis shows that the digital asset has surged upwards and is currently trading at $0.3145. The hourly and daily charts both indicate that the bulls are in control of the market. 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 $0.309 also contributes to the steady price flow.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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