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05/13/2023

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Cardano price analysis: ADA bulls aim to recover from the recent market crash – Cryptopolitan

Today’s Cardano price analysis shows a rise in the term trend as the coin is well above its support at $0.3559. Besides, ADA has managed to stay afloat since the market is regaining its stability and the bulls are taking control of the market. The ADA/USD pair has been trading on the positive side throughout ... <a title="Cardano price analysis: ADA bulls aim to recover from the recent market crash" class="read-more" href="https://www.cryptopolitan.com/cardano-price-analysis-2023-05-13/" aria-label="More on Cardano price analysis: ADA bulls aim to recover from the recent market crash">Read more</a>

Cardano price analysis: ADA bulls aim to recover from the recent market crash – Cryptopolitan

TL;DR Breakdown

  • Cardano price analysis shows a recovery from its recent market crash.
  • ADA has gained over 1.20% in the past 24 hours and is trading at around $0.3642.
  • Resistance and support levels are present at $0.3706 and $0.3559 respectively.

Today’s Cardano price analysis shows a rise in the term trend as the coin is well above its support at $0.3559. Besides, ADA has managed to stay afloat since the market is regaining its stability and the bulls are taking control of the market. The ADA/USD pair has been trading on the positive side throughout the day and is expected to break the current resistance level if it can continue to sustain its upward momentum.

The support level of $0.3559 is crucial for the bulls as it can help them further their gains if they manage to break above the current resistance. On the downside, Cardano’s price is expected to remain supported at around $0.3559, with a slight dip towards $0.3480 possible in case of a price correction. Currently, ADA is trading at $0.3642 an increase of 1.20 percent in the past 24 hours.

Cardano price analysis 1-day chart: ADA/USD face resistance at the $0.3706 mark

The 1-day Cardano price analysis chart shows that the pair is currently facing resistance at the $0.3706 level, as it tries to break above this mark. The buyers are battling the sellers and it is likely that the price will be able to break through this level in the near future if the bullish momentum continues. The trading volume is still on a decline while the market cap has seen a rise to $12.6 billion.

image 504
ADA/USD 1-day price chart, Source: TradingView

The technical indicators are showing a recovery in the ADA/USD pair, with the MACD and RSI both changing direction as the coin continues to trade in a positive direction. The Relative Strength Index (RSI) indicator is currently at 40.47 and is expected to rise higher in the coming days as long as the bulls stay in control. The Bollinger Bands are also widening, indicating increased volatility in the market with the upper band at $0.4147 and the lower band at $0.3550. The upper band represents the immediate resistance while the lower band shows the support level.

Cardano price analysis 4-hour chart: Recent developments and further indications

On the hourly chart, Cardano price analysis reveals regain in momentum after a slight correction. The ADA/USD pair is seeking to break the resistance at $0.3706 and is expected to do so if the bulls are able to maintain their current momentum.

The technical indicators in this timeframe exhibit a bullish bias. The MACD indicator has shifted from red to blue, indicating a shift in market sentiment as buyers take control. The green bars on the histogram are also increasing, a sign of the buyers’ growing confidence in pushing the up.

image 503
ADA/USD 4-hour price chart, Source: TradingView

Similarly, the Relative Strength Index (RSI) is hovering in the neutral region at the 48.16 index, indicating that the bulls can make further gains if they manage to break above the $0.3706 resistance level. The Bollinger bands have contracted, indicating a decrease in market volatility suggesting that the coin is consolidating its gains as it seeks for a breakout.

Cardano price analysis conclusion

Overall, Cardano price analysis indicates a recovery in the ADA/ pair as it continues to stay at the $0.3559 level. The bulls are continuing their push for further gains and if they can break through the current resistance levels then ADA might be on course for higher highs. However, the coin still has to face multiple hurdles, such as the resistance at $0.3706, before it can make any significant progress. In case of a price correction, ADA is expected to find support at its current level near $0.3559.

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.

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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