Cardano price analysis: ADA moves upwards as it gains positive momentum at $0.3177

Cardano price analysis reveals that the ADA/USD price is currently bullish as it rallies to break out at $0.3177. The ADA price is also trading within a range of $0.3104, which represents a key support level for the coin. The bullish momentum will likely continue, as the coin gains more positive investor sentiment and favorable market conditions. The previous day the bearish trend took over but with the price moving above this level it shows that the bearish momentum has subsided.

ADA/USD 1-day price chart: ADA rejoins $0.3177 after gaining 1.06 percent

The daily chart for Cardano price analysis shows that the cryptocurrency has been in a strong uptrend over the last 24 hours as it looks to continue its bullish momentum. After finding support at $0.3104, Cardano prices have taken control and pushed prices up to $0.3177, gaining 1.06 percent over the last 24 hours.

ADA/USD 1-day price chart. Source: TradingView

The RSI indicator is currently above the 60 level, which indicates that the bulls are in control of Litecoin’s price action. However, the MACD indicator is close to crossing into bearish territory, which could see Litecoin’s price come under selling pressure in the near term. The 50-day and 200-day simple moving averages are sloping downwards, which indicates that the path of least resistance is to the downside.

Cardano price analysis 4-hour price chart: ADA targets a $0.3206 resistance level

The 4-hour chart for Cardano price analysis shows that Cardano’s price has been in an uptrend over the last 4-hours as it looks to build on its bullish momentum. After breaking out at $0.3104, Cardano’s price has taken control and is likely to continue rallying as it targets a key resistance level of $0.3206.

ADA/USD 4-hours price chart. Source: TradingView

The Relative strength index(RSI) is currently near the overbought levels, which indicates that the prices might correct lower in the near term. The MACD indicator is moving higher, which indicates that the bulls are in control of Cardano price action. The 50-day simple moving average is acting as a support level, and the 200-day simple moving average is sloping downwards.

Cardano price analysis conclusion

To conclude, Cardano’s price analysis shows that the bulls are in control of the market as the market is preparing to move higher as the bulls take control of the market. Most of the technical indications are in favor of the bulls as a bullish breakout is expected in the near term. The daily and hourly charts are indicating a bullish breakout which is likely to happen in the near term.