Cardano price analysis indicates a major increase in the price value today. The bulls have been continually winning over the price charts, as the bullish trend has been quite dominating for the market. This has resulted in an increase in coin value up to the $0.405 level, and the momentum is strong enough to increase it further in the future.
Nevertheless, the bears were present yesterday, as the prices eventually declined to the $0.3964 level, which was a major support for the cryptocurrency. The closest resistance is found at $0.4061, which could potentially serve as the next target for the ADA bulls.
Cardano price analysis 1-day price chart: ADA cripples as bulls maintain dominance
The 1-day Cardano price analysis is indicating an upward in the price today after the bulls have successfully maintained their lead over the price action. The bulls have taken the price up to $0.405 value, and it is expected that further increase will be observed as well. The coin has gained almost 1.26 percent value during the last 24 hours.
The Exponential Moving averages (EMA) of 50 and 200 are also indicating a bullish sentiment, although the 50 EMA is slightly below the 200 EMA. The MACD is currently in positive territory, which means that buyers are in control. It also indicates that a bullish crossover could be observed soon, and ADA prices may rise further. The relative index (RSI) is also indicating an overbought situation at the moment, which means that the price may not be able to sustain its current level.
Cardano price analysis: Recent updates
The 4-hour Cardano price analysis is going supportive for the bulls as well, as seen from the latest price chart. The bulls have been in action for the last 4 hours, and the bears might continue to lead the market as well. The market sentiment is favorable for ADA at the moment, and it may result in further price gains.
The EMA of 50 is currently at a level of $0.390, which is slightly below the 200 EMA of $0.403. The MACD is still in positive territory, with the histogram value widening. The relative strength index (RSI) is currently at a value of 57.55, indicating that the market is overbought and the price may see some corrections soon.
Cardano price analysis conclusion
From the above Cardano price analysis, it can be concluded that the bulls are currently in market control. More buyers have entered the market as compared to sellers, which is why the bullish trend has continued. The technical indicators also indicate a bullish nature for the market, suggesting further gain in the future as well. The traders should keep an eye on the price movements of ADA to determine the possibility of any further increase in the coin value.