The Cardano price analysis is displaying bullish progress today. After yesterday’s sluggish bullish price movement, bulls got some momentum today as the price break-out was upwards, and bulls uplifted the price significantly to $0.519 in a swift move. Overall market sentiment is in favor of ADA/USD today, and a further increase in price is also expected if the buyers remain persistent.
Overall the broader cryptocurrency market started to recover just four hours back after correcting at the start of today’s trading session, including Bitcoin and Ethereum, and most top altcoins observed a positive market sentiment in the last 24 hours and reported gains, with SAND and Apecoin topping the charts, with 11 percent and 13 percent gains respectfully.
ADA/USD 1-day price chart: Bulls are trying to climb past the $0.533 resistance
The 1-day price chart for Cardano price analysis shows bulls recovered the price up to the $0.519 level from the start of the trading session, which is another major progress after the bullish gains of the last three days. The price might still struggle to break above $0.533 as selling pressure seems to be present at the mark. However, ADA has gained 4,29 percent value during the last 24 hours and has gained more than 18 percent value during the past week.
ADA/USD 1-day price chart. Source: TradingView
The volatility is high for ADA/USD pair as Bollinger bands are expanded, which is a favorable development for the cryptocurrency as bulls may take advantage of the situation, with the upper band at $0.627 representing resistance and the lower band at $0.403 representing support, whereas the average of the Bollinger bands is forming at the $0.515 mark below the price level.
The relative strength index (RSI) is traveling towards the centerline of the neutral zone, moving upwards, and is present at index 49; the indicator shows the buying activity in the market and more space for further bullish activity.
Cardano price analysis: 4-hour price chart and further technical indications
The 4-hour price chart also shows the bullish activity taking place in the market for ADA/USD. The bullish momentum intensified in the last four hours as the price spiked high towards $0.519, as the 4-hour chart shows. Today no traces of bearish resistance has been seen yet as market conditions are in favor of bulls, and the price is expected to rise more.
ADA/USD 4-hours price chart. Source: TradingView
The volatility is on the higher side for ADA/USD pair, with the price shooting above the upper limit of the Bollinger bands, which is present at the $0.517 level, and the lower band at the $0.461 mark, making a mean average line at the $0.489 mark below the price level.
The relative strength index (RSI) is moving upwards at a sharp upwards curve and is present at index 49 in the 4-hour chart, showing some more upwards movement during the recent hours as the buyers’ support come in.
Cardano price analysis: Conclusion
The Cardano price analysis suggests that the bulls are making a recovery, and if ADA gathers enough strength from buyers, then the price can break above the $0.533 mark, but selling pressure is there at this level. Though the bearish pressure is still there, today’s cryptocurrency progress is in the bullish direction.
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