The Cardano price analysis is bullish as it shows the price is on the route to recovery today after correcting for a period of two days. The market was following a bearish trend, but now the situation has changed, and a bullish trend is visible on the charts. Currently, the price is corrected again because, as the price reached $0.407, the selling pressure built. However, the decrease is negligible, and the price will start recovering again hopefully.
The ADA/USD pair is trading in a range of $0.3985- $0.4159 which presents support and resistance respectively. The current trend suggests that the price is moving up and if it breaks above $0.4159, then a further increase in price can be expected. However, on the downside, if the bears take control of the market and push below $0.3985 again, then a downswing will occur.
ADA/USD 1-day price chart: Market sentiment is positive toward Cardano
The 24-hour Cardano price analysis for the ADA/USD pair shows that the market sentiment is still positive, and there are good chances of recovery in the near future. The buying pressure will be strong if it breaks above $0.4159, as this level is presenting a major resistance right now. The crypto pair is trading hands at $0.407 at the time of writing, the coin reports a gain of 1.23 percent in value for the last 24 hours. However, the selling pressure is still strong and needs to be beaten for it to make a significant move.
ADA/USD 24-hour chart, Source: TradingView
The volatility for the ADA is high, as the Bollinger Bands indicate, with the Upper band at $0.423, and the lower at $0.354. The relative strength index (RSI) is on an upwards curve supporting the bullish side at an index of 58.35. The moving average convergence/divergence (MACD) is on the bullish side, which however, is still far away from the zero line, as it is currently at -0.001.
Cardano price analysis: Buying pressure is still weak as the ADA/USD prepares to enter a bullish trend
The current Cardano price analysis for the ADA/USD pair is still in favor of bulls. The market sentiment shows that buyers are getting stronger, but they need to push the price above $0.4159 and maintain it in order to trigger an uptrend. The bullish pattern is forming on the hourly chart, and a breakout will lead to more buying pressure and higher prices.
ADA/USD 4-hour chart, Source: TradingView
The MACD indicator recently encountered a bullish crossover marking the start of bullish momentum on a monthly timeframe. The Relative Strength Indicator (RSI) mirrored the bullish sentiment and was closer to the overbought zone – placed around the 58.23 mark. The Bollinger bands are wide open indicating very high volatility in the market. The upper Bollinger band is at $0.413 and the lower band is at $0.391 which shows a tight range in between.
Cardano price analysis conclusion
The Cardano price analysis suggests that the bulls will continue to dominate the ADA/USD pair in the coming weeks. The market sentiment is positive as all indicators suggest a bullish trend. The price is currently corrected near $0.407, and if it breaks above this level, then a further increase in price can be expected. The support is also strong at $0.3985, so it will be important for the bulls to keep the prices above this level.
