Cardano (ADA) Busy Planting Trees Contributing to Climate Action
1 ada = 1 tree planted; Tree certificates will be sent from 15 ada; NFT Art is sent from 500 ada. Climate Neutral Cardano expressed: Alright, let’s talk a little about donating ada to plant trees during cop26, as...
- Cardano price analysis indicates a bullish trend.
- The ADA price has recovered to $2.
- Support is present at $1.99.
The Cardano price analysis is on the bullish side today as the price has recovered to $2 after yesterday’s loss. For the past month, the ADA/USD price has mostly remained above $2, but the 27th Octobers bears market plunged the price down to $1.91, and ADA remained below the $2 psychological mark for the next six days, i.e., till 2nd November. A breakout above $2 was observed on 3rd November when ADA/USD reached back $2.06 but was declined again yesterday on 4th November. Today again, bulls are dominating the market and have recovered the price to $2.
ADA/USD 1-day price chart: Bulls leading the price charts
The 1-day Cardano price analysis shows that the bulls are dominating the price function today as the price is on the rise. Currently, ADA/USD pair is trading hands at $2 at the time of writing. The crypto pair still shows a loss in price value by 1.8 percent over the last 24 hours due to yesterday’s bearish trend; in contrast, the coin shows an increase in value of 0.14 percent over the past week. The gain is marginal but still indicates the direction of the price trend line, which has been upwards for the past week. The trading volume is down by 34 percent, and the market cap shows a decrease of 2.59 percent over the last 24 hours.
The relative strength index (RSI) is found in the lower half of the neutral zone, but after dipping yesterday, the RSI now shows a slight upwards curve, indicating a small increase in buying activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows that at the end of yesterday’s session, bulls came to rescue ADA/USD price when they rejected further downside at $1.97. And green candlesticks can be seen emerging today as well as bulls lead the price function recovering it to the current price level.
The RSI on the 4-hour chart is present at the centerline of the neutral zone trading at index 50. The RSI shows a humble upwards curve which is why the price oscillation is a bit slow.
Cardano price analysis conclusion
The Cardano price analysis shows that today’s recovery has brought the price up to the $2 psychological mark, but the trading volume is less. If trading volume increases over time today and buyers enter the market, then the current recovery is expected to continue for the coming hours. On the other hand, if the trading volumes remain down, the support at $1.99 may also falter, and the coin will fall back below the $2 mark. As the price has been on an uptrend for the last 16 hours, a correction is also not out of the question as well, but traders can hope the price to remain above $2 today.
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