The recent Cardano price analysis shows that the ADA/USD pair is in an uptrend as it looks to recover from its recent losses. The bulls are back in control as the pair trades above $0.3783 and look to break through the key resistance of $0.4000. In the past 24 hours, ADA/USD pair has seen a steady increase, pushing toward the $0.3883 mark, and has seen an increase of 2.22%.
ADA opened its trading session at $0.3800 and the bulls pushed the price to the $0.3902 level before encountering resistance. The buyers need to break the resistance at $0.3902 in order to push further up. However, if they fail, the pair could pull back and test the support level of $0.3783 which is just below its current level.
Cardano price analysis 1-day chart: Bulls regain control pushing ADA toward the $0.400 mark
The daily Cardano price analysis shows that the bulls are in control as they push ADA toward the $0.4000 mark. The pair has managed to stay above the support level of $0.3783 and looks to break through the key resistance at $0.3902. The market capitalization of ADA is currently standing at $13.4 billion and has seen an increase of 2.22% in the past 24 hours.
ADA/USD 1-day price chart. Source: TradingView
The technical indicators in this time frame are mostly in favor of the bulls. The Relative Strength Index(RSI) for ADA is currently at the 57.34 mark, and it looks like the digital asset has some more room to go before it becomes overbought. The Moving Average Convergence Divergence (MACD) indicator shows a bullish restore as the MACD line looks to move above the signal line. The ADA/USD pair is trading well above the moving average (MA) which indicates that the bulls have the upper hand in the market.
Cardano price analysis 4-hour chart: Recent developments and further indications
The hourly Cardano price analysis shows that ADA is presently trading at $0.3883 and looks to move further up if the buyers have enough buying power to break through the $0.3902 resistance level. ADA is trading in a range of $0.3870 – $0.3900, with the bears having a slight advantage as they try to push the price lower.
ADA/USD 4-hour price chart. Source: TradingView
On technical indicators, the Relative Strength Index (RSI) is hovering above 50 indexes, with a value of 52.37 indicating that the market is in a neutral state. The MACD line has crossed above the signal line and both lines are in positive territory. The green bars on the histogram are getting bigger which suggests that the bulls have a slight edge in this time frame. The 50-day Moving Average (MA) shows that ADA is trading well above the MA value, indicating a bullish momentum in the market.
Cardano price analysis conclusion
In conclusion, the Cardano price analysis shows that ADA is in a positive uptrend and looks to break through the key resistance of $0.3902. A breach above this level could open the doors for more gains, with a test of the $0.4000 mark possible. On the other hand, if the sellers push ADA below the support of $0.3783, it could become vulnerable to more losses in the near term.
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