Cardano price analysis shows that the ADA/USD pair has been on a strong uptrend for the last 24 hours. The market opened at $0.2506 and has risen to its current price of $0.2533. The bullish momentum is expected to continue as the strongest resistance level at $0.254 has not yet been reached. However, traders should also keep an eye on the strong support level at $0.2498 in case of any sudden pullbacks in the market. Overall, it appears that the ADA/USD pair is well-positioned for continued growth in the short term.
The coin has also seen strong growth as the coin has gained a whopping 0.87% in the last 24 hours. The 24-hour trading volume for Cardano is currently at $145 million, with a market cap sitting at $8.74 billion.
ADA/USD 1-day price chart: Bulls lead the price curve
The 1-day Cardano price analysis reveals the cryptocurrency has recovered a bit as an increase in price is being observed today. The market opened at $0.2506 and closed at $0.2533, which is a 0.13% increase from the past 24 hours. The ADA/USD pair has broken through the $0.2498 support level and is currently trading above it. The bear was in control of the market before the switch, with lower highs and lower lows forming. The price is now trading above the $0.25 resistance level and is expected to stay above this level for some time until a new support level is established.
The MA50 and MA200 are trending above the current price, suggesting that the market is in a strong uptrend. The RSI also indicates an overbought market condition as it is currently at 70.36, which is slightly above the overbought. Therefore, traders should be cautious when entering into new positions as there could be some pullbacks in the near future. The MACD is also trending in the bullish zone, suggesting that the bulls are in control of the market.
ADA/USD 4-hour price analysis: Expanding volatility with strong bullish momentum
The 4-hour price chart for Cardano price analysis shows the price went up steadily during the first four hours today, as the price started lifting up during the end of yesterday’s session, but as the coin is facing selling pressure, a decrease in value is again under process, as bears have taken the lead again. However, the coin is still trading in green if observed for today only.
The MA50 and MA200 are trending above the current price, creating strong support that is helping the bulls to keep pushing higher. The RSI is still showing an overbought market condition as it is currently at 33.84, which is slightly above the overbought. The MACD is still trending in the bullish zone, suggesting that the bulls are in control of the market.
Cardano price analysis conclusion
Cardano price analysis has shown strong bullish momentum in the last few hours, as the coin is trading higher and breaking through multiple resistance levels. The bullish is likely to remain in control of the market in the short term until a new support level is established.