Cardano price analysis shows a bullish trend as the digital asset has begun to move in an upward direction after a period of consolidation below the $0.43 level. ADA/USD bulls have pushed the price above the $0.4613 resistance, which will likely lead to more gains soon. The support for ADA is still at $0.4325; a break below this level could see the price fall to the $0.4250 area soon and a break above the $0.4613 resistance could see the price move towards the $0.4700 area soon.
Cardano price analysis shows that the digital asset has gained some bullish momentum and is up by around 1% in the last 24 hours. The price is currently trading at $0.4483 and is well above the important $0.4325 support level. The 24-hour volume is $1.01 million and the market capitalization is $15 billion.
ADA/USD 1-day price chart: Price levels inflate to $0.4483 as bulls gain control
The one-day chart for Cardano price analysis indicates a surprising increase in the price levels today. The bulls have been able to break past the barrier created by the sellers at $0.4483 and have a higher value of $0.4613. This value is still ahead of the moving average (MA) of today, i.e., $0.4515.
ADA/USD 24-hour price chart. Source: TradingView
The Bollinger band has also started to open up, which is a sign that the buyers are in control. The upper band is at $0.4613, while the lower band is at $0.4325. The Relative Strength Index (RSI) is still in neutral territory but shows signs of rising as it approaches the level of 48.53.
Cardano price analysis: Recent developments and further technical indications
The four-hour Cardano price analysis shows that the bulls have successfully taken advantage of the situation by securing their winning position once again. The four-hour price chart displays that the price breakout was upwards, and bulls ruled for eight hours straight and took the price up to $0.4483.
ADA/USD 4-hour price chart. Source: TradingView
The moving average indicator on the 4-hour timeframe is currently at $0.4396 and is trending towards the north, which is a sign that the bulls are in control. The Bollinger bands are showing support for the bullish trend as they have started to diverge to accommodate the uplifting price. The upper value has reached $0.4483 while the lower value is at $0.4327. The RSI indicator is currently at 42.64 and is slowly approaching the overbought territory, which is a sign that the bulls might take a break soon.
Cardano price analysis conclusion
In conclusion, the daily and hourly Cardano price analysis charts show that the digital asset is in a strong uptrend. The bulls need to break past the $0.4613 resistance to continue their journey towards the $0.47 level. However, the bears will try to take advantage of any weakness and push the price down towards the $0.4325 support level if the bulls lose control.
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