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04/15/2023

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Cardano price analysis: ADA surges above $0.4500 as bullish momentum persist – Cryptopolitan

The recent Cardano price analysis shows a strong bullish momentum as the digital asset reached a high of $0.4606. ADA is trading in an upward trend and could have more upside potential as the bulls are in control of the price since ADA started its trading session at the $0.4300 level thus pushing the price …<p class="read-more"> <a class="" href="https://www.cryptopolitan.com/cardano-price-analysis-2023-04-15/"> <span class="screen-reader-text">Cardano price analysis: ADA surges above $0.4500 as bullish momentum persist</span> Read More »</a></p>

Cardano price analysis: ADA surges above $0.4500 as bullish momentum persist – Cryptopolitan

The recent Cardano price analysis shows a strong bullish momentum as the digital asset reached a high of $0.4606. ADA is trading in an upward trend and could have more upside potential as the bulls are in control of the price since ADA started its trading session at the $0.4300 level thus pushing the price higher.

The resistance for ADA is present at $0.4606 and the buyers need to strengthen the buying pressure in order to push the price above this level as it could open the doors for a steady upward move toward the $0.4800 mark. On the downside, the ADA price analysis is supported at $0.4276, which could provide strong support for the digital asset if it pulls back from its current level.

Cardano price analysis 1-day chart: Bulls lead ADA past the key resistance level of $0.4500

The daily chart for Cardano price analysis shows that bulls have been on the upper hand for the whole session. The bulls have managed to push the price above the key resistance level of $0.4500 and ADA/USD could head even higher if buyers manage to strengthen their buying pressure. ADA is currently trading at $0.4570 and has gained 6.74% over the previous day’s trading session.

image 296
ADA/USD 1-day chart, Source; TradingView

The technical indicators are also in favor of the bulls as the MACD shows a bullish crossover and the RSI is trending upwards. The moving average convergence divergence (MACD) line is above the signal line and points to the bullish sentiment in the markets. The Relative Strength Index (RSI) is currently at 76.11, indicating that the asset has entered into overbought territory. The Bollinger Bands have widened further, which suggests an increase in market volatility.

Cardano price analysis hourly chart: Recent developments and further technical indications

The 4-hour Cardano price analysis shows that ADA/USD is being supported by a robust bullish trendline. ADA is trading in a range of  $0.4500 and $0.4600 and is likely to break above the upper resistance level if the buying pressure increases.

image 295
ADA/USD 4-hour chart, Source; TradingView

The MACD is currently in positive territory and is giving a bullish signal, as the histogram is rising. The RSI, on the other hand, is indicating an overbought condition, as it is currently at 72.95. Moreover, the Bollinger Bands have continued to widen further as the markets are likely to become more volatile in the short term. The upper band is at 0.4622 while the lower Band stands at 0.3875.

Cardano price analysis conclusion

Cardano price analysis concludes that ADA/USD is currently trading in a buoyant market and the bulls are in control. The buyers need to strengthen their buying pressure in order to maintain the bullish momentum, while the support level of $0.4276 could provide strong buying opportunities if ADA pulls back from its current level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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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