Cardano price analysis shows some bullish activity is taking place during recent hours. The ADA price has increased by some margin after the flash crash, as ADA/USD pair sets a higher low at $0.3354. After the strong bearish tide of the previous day, bulls are struggling to preserve the support of $0.3354. Despite the bullish efforts, the bearish strokes are proving overwhelmingly powerful.
At the time of writing, ADA/USD is trading at $0.3635 with an intraday gain of 8.49%. The pair is up from its intraday low of $0.3354 and is attempting to test the key resistance level of $0.3726. A break above this point may open doors for further bullish action in the near future.
On the downside, if Cardano prices drop below the $0.3354 level, bearish pressure could further intensify and cause a test of the $0.3300 support area. It is essential that buyers show their presence in order to maintain this crucial support zone. If buyers fail to do so, sellers may gain control and drag the ADA/USD pair toward the $0.3250 psychological level.
ADA/USD 1-day price chart: Bulls struggle to preserve $0.3354 support
The 1-day Cardano price analysis chart shows bulls are trying to save the key $0.3354 support level. However, the bears are proving to be too powerful and may drag ADA/USD pair below this point in the coming sessions. The market cap for the digital asset is currently sitting at $10.42 billion, while the 24-hour trading volume has reached $4.48 billion. This indicates a high level of liquidity in the cryptocurrency market.
The 50-day moving average (MA) and 200-day MA curves are trending upwards, suggesting a bullish trend in the long term. However, the Relative Strength Index (RSI) is residing in the overbought zone at 72.75, indicating more downward pressure on ADA prices in the near future. The MACD is also trending upwards, expressing a bullish sentiment for the ADA/USD pair.
ADA/USD 4-hour price analysis: Cardano bulls eyes $0.3726 resistance
The 4-hour Cardano price analysis chart shows ADA is trading at $0.3635 at the time of writing and moving up toward the resistance mark of $0.3726. The target may or may not be achieved, as the overall trend favors bears. There is a high possibility that bulls may be hanging on to the support present below at the $0.3354 mark if a price reversal happens, which is also possible if market pressure increases.
The moving average (MA) has crossed over the price and is at $0.3536, while the Relative Strength Index (RSI) is showing signs of being overbought at 54.20. The MACD is also trending upwards, expressing a bullish sentiment for the ADA/USD pair. with red and green bars appearing in the MACD. Overall, this indicates that Cardano’s price may experience some volatility in the coming days if market pressure increases.
Cardano price analysis conclusion
Looking at the above 1-day and 4-hour charts and all the technical data available for Cardano price analysis, the ADA/USD pair is currently trading at $0.3635 and is attempting to test the key resistance level of $0.3726. The buying pressure appears to be quite strong and if the bulls manage to break this level, ADA/USD may witness a further rally.