The Cardano price analysis indicates a bullish trend for cryptocurrency. ADA is currently trading at $0.3907, having been supported at $0.3879 levels in recent days. The price has risen from its previous support level of $0.3658 and appears to be on an uptrend.
The uptrend has been fueled by strong sentiment in the market, as well as positive developments for cryptocurrency. The day started with a bullish trend at $0.3937, however, the price bearish pressure was seen in the later trading session which caused a drop to $0.3907, afterward the bulls returned and started to push the price higher.
Cardano price analysis 1-day chart: ADA bulls are intensifying as buyer demand is rising
The 1-day Cardano price analysis for the ADA token indicates that the bullish momentum has been increasing throughout the day after the token made a jump higher yesterday. The past week has proved quite profitable for ADA as the bulls mainly ruled the market. Yet, today there has been a further upshift in the price levels as the price has increased up to $0.3907 as the token has gained a 1.02 percent value within the past 24 hours.
ADA/USD 1-day price chart. Source: TradingView
The progress is appreciable as the price levels have left behind the moving average (MA) as well, which is at a $0.392 level, with the 50-day MA crossing above the 200-day MA. The RSI is also above the 50 level and it looks like the bulls are pushing for higher price points in the near future. The MACD indicator also supports the bullish sentiment of the market, as it has moved above 0 levels and is currently facing sideways momentum
Cardano price analysis 4-hour chart: Recent updates
Cardano price analysis show bulls have been progressing in a relatively aggressive manner, as is evident from the 4-hour chart as well. The ADA price value has been continuously increasing over the past few hours, and it has reached the $0.3907 level after the recent uptrend. The bulls are pushing the price higher and this has resulted in an uptrend that is currently taking place.
ADA/USD 4-hour price chart. Source: TradingView
The 4-hour technical indicators show a bullish trend, with the 20-EMA crossing above the 50-EMA and the MACD indicator surging in positive momentum. The MACD line has also crossed the signal line which confirms the bullish trend. The relative strength index (RSI) is at a high level of 52.01 and this also indicates that the buyers have the upper hand for now.
Cardano price analysis conclusion
Overall, Cardano’s price analysis shows bullish potential at $0.3907. The uptrend is likely to be maintained in the near future as the technical indicators are suggesting a bullish market. The buying pressure is increasing and this could result in further price appreciation for the ADA token. The resistance level is currently at $0.3996 and if the bulls are able to break above it, then ADA could potentially reach higher levels in the days ahead.
