Cardano price analysis: ADA gets support at $0.754. Upside to follow?

Bitcoinethereumnews 1 month ago Report
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Cardano price analysis shows cryptocurrency price action is in the bullish direction for today. The price of ADA/USD is slowly increasing as it has now recovered to $0.774 after the bullish help arrived. However, the price trend line is still in the downwards direction, but today’s recovery is a positive sign for the buyers as the bulls have been at the leading position today. The price may keep recovering for today as the price function has been upward for the past 12 hours.

ADA/USD 1-day price chart: ADA recovers slowly

The one-day Cardano price analysis chart shows that the price function is headed upwards, and the coin is recovering well. However, the larger trend is still under the bearish influence, and the past few days have also brought negative news for the buyers as the price levels kept decreasing, but the trend has changed, and now the price is on an increasing trend for today. The price has reached the $0.774 level after the bulls took the lead today. The momentum is building up at a rather slow pace now, and the price continues to trade below the moving average (MA) value, which is standing at the $0.835 mark.

ADAUSD 1 day price chart 2022 05 01ADA/USD 1-day price chart. Source: TradingView

The volatility is increasing, and as a result, the Bollinger bands’ values have re-adjusted to the following figures; the upper band is now at $1.016, representing the strongest resistance, while the lower band is at $0.767, representing the support, respectively. The Relative Strength Index (RSI) levels have also been increasing with the current buying activity in the market as the score has reached index 31, and the curve is still in the upward direction.

Cardano price analysis: Recent developments and further technical indications

The latest Cardano price analysis shows that the price has been going upward for the last 12 hours after getting a break upward at the start of the trading session. On the other hand, a strong correction was also observed at the end of the previous trading session, which damaged the coin’s value significantly. The loss has been huge, but the bulls have recovered nearly half the loss today and may keep on recovering for the rest of the day if the momentum continues.

ADAUSD 4 hour price chart 2022 05 01ADA/USD 4-hour price chart. Source: TradingView

The Bollinger Bands Indicator shows high volatility, as its upper value has touched $0.863, and its lower value has reached $0.753. The RSI score is on the increasing side as the indicator is trading at index 35, but the score is still on the lower side as the indicator dipped into the undersold zone yesterday.

Cardano price analysis conclusion

From the given Cardano price analysis for one day and four hours, it can be inferred that the cryptocurrency is in recovery mode compared to the past days. The price has recovered to $0.774 and is expected to go further up in the coming hours if support remains intact.

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.

Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-05-01/

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