Cardano price analysis shows that the bulls have the upper hand in this market, pushing ADA/USD above $0.3815 levels. The pair is trading within a narrow range at the moment and it is likely that the bulls will continue to keep control of this pair. The immediate support level for ADA/USD is placed at $0.3786, while the resistance level is seen near $0.3972.
Cryptocurrency price heatmap, Source: Coin360
The overall trend remains bullish for Cardano and if the bulls manage to break above the resistance level, then we can expect a rally in ADA/USD prices up to $0.4000. On the other hand, if the pair fails to break above the resistance level and falls below $0.3786, then it is likely that a decline could be seen in Cardano prices.
Cardano price analysis 1-day price chart: Bulls gain strength as ADA/USD trades above $0.3815
The one-day Cardano price analysis chart shows that the bulls have managed to gain strength and push ADA/USD prices above $0.3815. The pair is trading within a narrow channel, as the bull gain strength and dominate the market. The bearish trendline, as seen in the chart, has been breached and the bulls are likely to keep control of this pair.
ADA/USD 1-day price chart. Source: TradingView
The Exponential moving average (EMA) lines are also indicating a strong bullish sentiment in Cardano prices. The 50-day EMA line is far above the 200-day EMA line, indicating that the bullish pressure is still intact. Additionally, the Relative Strength Index (RSI) has been trading in an uptrend and it looks set to break above the 70 levels, showing strong buying pressure in the market. The MACD has also given a buy signal, as it is trading above the zero line.
Cardano price analysis: Bulls aims to break the resistance level of $0.3972
The hourly Cardano price analysis is in bullish territory, as the bulls are aiming to break above the resistance level of $0.3972. The ascending triangle formation is also indicating a strong bullish sentiment in the market. The bears are attempting to make a comeback but the bulls are likely to keep control of this pair.
ADA/USD 4-hour price chart. Source: TradingView
The moving average convergence divergence (MACD) is also showing strong bullish momentum in Cardano prices. The exponential moving average (EMA) lines are also suggesting a strong bullish sentiment in the market. The 50-day EMA line is well above the 200-day EMA line, indicating that the bulls are in control of this pair. The relative strength index (RSI) is currently at the 58.03 mark.
Cardano price analysis conclusion
Overall, Cardano price analysis suggests that the bulls are currently in control of this pair and they are likely to keep pushing ADA/USD prices higher until they break above the resistance level of $0.3972. Both the hourly chart and the daily chart are indicating a strong bullish sentiment in Cardano prices. The buying pressure is likely to remain intact in the market, as long as the bulls are able to sustain above the support level of $0.3786.
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