The Cardano price analysis is bullish.Resistance for ADA/USD is present at $1.190.Support is present for ADA at $1.153.
The Cardano price analysis is bullish as it indicates an increase in price today after retracing yesterday. The price levels have moved up to meet the $1.168 level, which is a quite positive indication for the coin price function. Furthermore, the trend has been bullish today; however, there have been ongoing variations in price trends during the past week, but today, the bulls have finally secured their lead once again.
The bulls are inclined towards taking the price further up from the current price value to keep maintaining their bullish flight that has been continuing for the past few hours. The bulls have played swiftly as they have dodged past the bearish momentum that had interrupted their streak. Currently, ADA is retesting $1.167 resistance and may break above in the coming hours.
ADA/USD 1-day price chart: bullish trend helps recover price to $1.168
The 1-day price chart showing Cardano price analysis favors the bulls once again, as they regained their momentum after a negligible bearish activity yesterday. The price value has been recovering again as today it has reached the value of $1.168. This is really encouraging for buyers trying to support the price function and enhance the cryptocurrency value.
ADA/USD 1-day price chart. Source: TradingView
Meanwhile, if we talk about the moving average value in the 1-day chart, then it is found resting at $1.168, just above the price level. Moreover, the SMA 20 curve is above the SMA 50 curve, which can be taken as a bullish sign as well. The volatility is also high as the upper limit of the Bollinger bands is trading at $1.328, representing the strongest resistance, and the lower limit is present at $0.757 representing the strongest support.
The relative strength index (RSI) is trading in the upper range of the neutral zone at index 65, and the curve of the indicator is slightly upwards as well hinting at the buying activity.
Cardano price analysis: Recent developments and further technical indications
The 4-hours Cardano price analysis indicates that the bullish momentum has resulted in a further increase in the price value. The price has recovered up to $1.168 after the advancements coming from the bullish side for the last 12 hours, as no bearish pressure has been observed yet.
ADA/USD 4-hours price chart. Source: TradingView
The bullish momentum is to intensify in the upcoming hours, as the moving average (MA) is also at a greater height as compared to the current price, i.e., $1.168. Also, the Bollinger bands values in the 4-hours price chart show the following readings; the upper Bollinger band is at $1.207, whereas the lower Bollinger band is at $1.122, respectively.
The RSI score has been hovering at the center of the neutral zone at index 50 as well as does not show any signs of a notable change.
Cardano price analysis conclusion
The Cardano price analysis predicts that the past week has seen a building pressure from the bearish side, which has resulted in a slow down in the bullish momentum; however, the equation is still in support of the bulls. Yet, today the bulls have been able to rise once again to prevent the bullish streak from breaking.
The price levels have recovered to $1.168, as more buyers have entered the market as compared to the sellers. If the bulls succeed in managing the chance of improving the price values, then the coin might continue further upside towards $1.190.
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