Cardano price analysis: Bulls rush again, taking ADA to a $0.897 high point

TL;DR Breakdown

  • The Cardano price analysis is bullish.
  • Resistance for ADA/USD is present at $0.902.
  • Support for ADA is present at $0.888.

The Cardano price analysis is going bullish for today as it reveals that the price has been following an upward movement since yesterday, as the bulls have constantly been striving for the lead. Bulls have finally dodged the ongoing bearish trend as the coin was on the decline previously. Still, bulls succeeded in taking control, and the price has been increased up to the $0.897 level as a result of the continuous efforts. Further increase in price is to be expected in the approaching hours as well.

ADA/USD 1-day price chart: ADA value recovers up to $0.897

The one-day Cardano price analysis shows that the price has been following an increasing trend for the past two days. Although the trend was in favor of bears previously, now the circumstances have changed, and the overall trends have been in favor of the buyers. A significant increase in ADA/USD value has been recorded in the last 24 hours, as well as the price moved up to $0.897 gaining 0.33 percent value today. The gains are on the lower side as a correction was also observed at the end of the previous trading session, but the gains may increase over the day.

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

Despite the previous bearish trend, the SMA 20 curve has been traveling higher than the SMA 50 curve. The moving average (MA) is relatively at a stable position, i.e., $0.8972, just below the price level. The decrease in volatility has adjusted the upper Bollinger band value at $0.898, representing the strongest resistance, and the lower Bollinger band value to $0.894, representing the strongest support. The Relative Strength Index (RSI) score has also increased to the index 57 levels as the upwards curve of the indicator hints at the buying activity in the market.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows a considerable increase in ADA/USD price has been observed during the last few hours. The price has started to recover again as a result of the constant bullish efforts. The latest upturn in price has elevated it to the $0.897 level, which has proved to be quite helpful for the overall cryptocurrency value.

ADAUSD hour price chart
ADA/USD 4-hours price chart. Source: TradingView

The moving average is trading at almost the same level as the current price on the 4-hour chart. Now the Bollinger bands average is at $0.913 point, whereas the upper Bollinger band is resting at $0.957, the lower Bollinger band is at $0.869, and the price is trading between the lower band and the mean average line. The RSI curve has covered upward movement as well, and the score is now touching index 41.

Cardano price analysis conclusion

The one-day and four-hour Cardano price analysis confirms an uptrend for the day, as the price has undergone a significant increase in the last 24-hours. Bulls have been leading the price charts since yesterday, and even today, an upward tendency has been shown by ADA/USD. A further increase in price should be expected as the hourly price chart is also showing positive signs. As the ADA price is covering a range upwards, the next resistance for bulls is present at the $0.902 level.

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.

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