Monday, June 5, 2023
HomeLitecoinCardano price analysis: Bullish momentum succeeds as price crosses over $0.3395 hedge

Cardano price analysis: Bullish momentum succeeds as price crosses over $0.3395 hedge

The latest Cardano price analysis confirms an upward trend for the day as a considerable increase in coin value has been reported. The bullish wave has taken the price above the $0.3395 boundary in the last 24 hours, and a further improvement in price can be expected if the bullish efforts remain consistent. On the other hand, a price drop was recorded during the last four hours, which means that the approaching hours might prove dangerous.

The larger cryptocurrency market showed similar signs of uptrend across the board, as major cryptocurrencies gained into the green state. Bitcoin increased to $16,840, whereas Ethereum moved further to $1,266 and Ripple traded at $0.381608.

ADA/USD 1-day price chart: Price returns back to $0.3395 level as the uptrend resumes

The one-day Cardano price analysis displays promising results for the cryptocurrency today as a sufficient amount of rising in coin value has been observed. This has created an interesting situation for the buyers, as the bulls have been trending over the market for the past few hours. The 24-hour trading volume of $357,696,484 is also a very positive sign for the uptrend and a market cap of $11,678,914,838.

Cardano price analysis: 24-hour chart. Source: Trading View

The Exponential Moving Average (EMA) value is also in favor of the bulls as it is currently moving at the $0.3409 level and might act as a support for the coin value.  The moving average convergence divergence (MACD) curve continues to show a bullish momentum, with the MACD line above the signal line. The Relative Strength Index (RSI) value is currently at 45.50 points and is showing a neutral reading, which indicates that the price might be headed for more sideways trading in the coming days.

Cardano price analysis: Cryptocurrency receives massive gain at $0.3395

The Cardano price analysis has taken an upward in the last four hours due to a steady increase in coin value. The bearish started today trading at $0.3235 and soon climbed to $0.3395, which is a very positive result after the last few days of low activity. The ADA/USD is expected to improve in the near term if buyers continue their efforts, targeting the $0.3406 level as the next significant resistance point.

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Cardano price analysis: 4-hour chart. Source: Trading View

The EMA indicator on the 4-hour price chart is also predicting an upward trend as it has recorded at the $0.3350 level. The MACD curve is also showing positive signs of increased momentum with its line being above the signal line. On the other hand, the RSI value suggests that there might be some expected sideways movement as it read at 40.35 level.

Cardano price analysis conclusion

To sum up, the latest Cardano price analysis shows that the cryptocurrency is headed for a bullish momentum in the next few hours. Buyers can expect more upward movement as long as they remain consistent and continue to hold their positions above the $0.3395 mark.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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