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Cardano price analysis: ADA/USD raises value at $0.2537

Cardano

TL;DR Breakdown

  • Cardano price analysis appears to be bullish
  • Support for ADA/USD is present at $0.2525
  • The resistance for ADA/USD is present at $0.2558

Cardano’s price analysis shows an uptrend today as the digital asset has seen a series of higher highs and higher lows. The current price stands at $0.2537, up 0.27% over the past 24 hours. The price action indicates buyers are stepping in on dips and pushing higher prices. Although the bears were in control of the market earlier, the bullish momentum has now taken over and is likely to lead the asset higher in the near term.

Cardano price analysis 1-day chart: After a day of consolidation, the bulls take control.

The one-day Cardano price analysis indicates that the price has been in an uptrend since the start of today’s trading session. The bulls have pushed the prices higher and are also trying to break through resistance levels, which are currently at $0.2558. The price moves upward toward positive dynamics. It seems that the bulls have claimed the market for themselves and are on their way to maintaining this dominion for the next few weeks.
image 40
ADA/USD 1-day price chart, Source: TradingView

The MACD indicator is showing a bullish crossover, which indicates that the buying pressure is increasing. Furthermore, the relative strength index (RSI) is currently at 31.60, indicating that the market is in overbought territory. The 50 SMA and 200 SMA are still below the current price, indicating that the uptrend is likely to continue in the near term.

ADA/USD 4-hour price chart: Bullish upswing above $0.2537

Looking at the hourly price chart of Cardano, we can see that the cryptocurrency’s price has been on a steady uptrend over the past few hours, although bearish movements were seen below the $0.25 level in the last few hours. The 24-hour trading volume is also increasing, indicating that the bulls are in full control, while the market cap has grown by 0.40 percent due to continuing bullish momentum.

image 41
ADA/USD 4-hour price chart, Source: TradingView

 The moving average reveals that the price is currently trading above both the 50-period SMA and the 200-period SMA, indicating that there is strong bullish momentum in place. The relative strength index (RSI) is currently around 63, indicating that the asset is in a strong uptrend. The moving average convergence and divergence (MACD) indicator is also showing a bullish crossover, which indicates that there is more upside potential in the near term.

Cardano price analysis conclusion

Overall, Cardano’s price analysis appears to be in a strong uptrend and is likely to continue higher in the coming days. The technical analysis for Cardano shows that the bulls are dominating, and the price is likely to continue its upward trend if the buyers remain in control.  As long as the current support level holds and no bearish movements emerge, it seems likely that we can expect further gains for the price of Cardano today and in the near future.

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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