The Cardano price analysis is bullish.Resistance for ADA/USD is present at $1.151.Support is present for ADA at $1.105.
The Cardano price analysis reveals the cryptocurrency is in a bullish mood today, as the price has risen to $1.132 today. The coin is rallying again today after going through a correction yesterday when the price peaked at $1.134, the price is nearing this last rejection point, and the coming hours will decide if ADA can easily breakthrough towards the next resistance present at $1.151. Overall the coin has shown good performance during the last two weeks as the trendline is steeply upwards.
ADA/USD 1-day price chart: ADA maintains uptrend after correction
The 1-day price chart for Cardano price analysis shows the bulls are leading the price function to maintain the price levels above $1.100, as the ADA/USD price is touching $1.132 at the time of writing, still reporting a 2.42 percent loss in value over the last 24 hours due to yesterday’s correction, but on the other hand, the coin reports an increase of more than 29.4 percent value over the course of the last seven days. But today’s trading volume is comparatively less as the trading volume over the last 24 hours shows a decline of 43.7 percent, providing a market dominance of 1.89 percent to the crypto pair.
ADA/USD 1-day price chart. Source: TradingView
The volatility is high for the Cardano as the Bollinger bands are diverging sharply as compared to the past few days. The upper band has reached the $1.137 mark, which represents resistance for the coin, and the lower band has traveled down to $0.651, representing the strongest support for the crypto. The mean average of the indicator is found at $0.894, also representing support for Cardano.
The ADA/USD is nearing the overbought condition as the relative strength index (RSI) is floating around index 69 in the upper half of the neutral zone. The RSI is trading on a sharp upwards curve, indicating more buying activity in the market, and seems to be entering the overbought region soon.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows that the price breakout was upwards at the start of today’s trading session and then followed a good spike as ADA rallied to $1.133. The previous trading session closed with a 12-hour long correction which turned yesterday’s trend completely bearish, but today bulls are enjoying a swing high again.
ADA/USD 4-hour price chart. Source: TradingView
The volatility is on the higher side for ADA on the 4-hour chart as well as the Bollinger bands are expanded, with the upper band at $1.217 representing resistance on the 4-hour chart and the mean average at $1.0978 representing support for the coin. The moving average is trading at $1.121 below the price level as the price jumped above MA in the last four hours. The RSI has been maintaining its upward curve as it trades at index 64, showing buyers dominance in the market currently.
Cardano price analysis conclusion
The Cardano price analysis shows that the bulls are on a march towards the next resistance present at $1.151. If the current rally continues for a few hours more, then a break above can be expected today. On the contrary, if the selling pressure arises again, we still expect ADA to close near $1.145 today.
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