Cardano price analysis: ADA strives to break $0.2891 resistance as bulls build momentum

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish for today
  • Support for UNI/USD is present at $0.2735
  • Cardano is trading at $0.287 and is looking to break past $0.2891

Cardano price analysis shows an increasing trend for cryptocurrency today. The bulls have managed to bring the price of ADA up against the US Dollar. The price is currently trading around $0.287 and is attempting to break past the resistance of $0.2891, which could potentially open up the path to $0.30 in the upcoming days.

image 157
Cryptocurrency price heat map, Source: Coin360

The support is still present at $0.2735, which is providing a cushion to the price in case of any sudden downward pressure. The buyers seem to be in control of the market as the sellers are unable to push the price below this support. Most of the other cryptocurrencies are also trading in the green, which is a good sign for Cardano, While some coins are in bearish territory.

ADA/USD 1-day price chart: Bulls to break past $0.2891

The one-day Cardano price analysis is showing a strong bullish trend for the day as the buying momentum seems to be intensifying. Green candlesticks are marking the one-day ADA/USD price chart, which is indicative of an increasing trend. Currently, the coin value is $0.2891, and it is highly expected that it will reach a higher goal in the upcoming days. The coin has already gained 4.88 percent overday, which is a big achievement for the bulls.

image 156
ADA/USD 1-day price chart. Source: TradingView

The MACD indicator is also in the green and is showing an increasing trend, which is a good sign for the bulls. The RSI indicator also seems to be in favor of the buyers as it is at 40.12, which is an indication that the price may reach new highs soon. The 50-day moving average is also below the 200-day moving average, which is another good sign.

Cardano price analysis 4-hour price chart: Bulls push for higher prices

On the 4-hour Cardano price analysis chart, we can see that the market has been in a bullish trend since the beginning of the day. For the last 4 hours, the market has been on an uptrend as bulls push for higher prices. The Bearish Engulfing candlestick pattern that formed previously has been invalidated as the market moved higher.

image 155
ADA/USD 4-hour price chart. Source: TradingView

The moving average value in the four-hour price chart is standing at the $0.278 level after crossing above the SMA 50 curve. The red line is now moving below the blue line, which is a bearish signal. The MACD indicator is also in green, which is an indication that the bullish trend could continue in the upcoming days. The RSI graph shows horizontal movement as the indicator is trading at index 69.78, hinting at selling pressure building up at the current price level.

Cardano price analysis conclusion

To sum up, the one-day and four-hour Cardano price analysis is showing a strong bullish trend for the coin as buyers try to push the price higher. The Bullish Engulfing candlestick pattern in the charts suggests that the bulls are in control of the market and could push prices above $0.30 soon.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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