Cardano price analysis: ADA Price recovers to $1.05 as coin consolidates
The post Cardano price analysis: ADA Price recovers to $1.05 as coin consolidates appeared on BitcoinEthereumNews.com. TL;DR Breakdown Cardano price analysis is bullish today. Resistance is found at $1.12. ADA price has recovered back to $1.06. The Cardano price...
TL;DR Breakdown
- Cardano price analysis is bullish today.
- Resistance is found at $1.12.
- ADA price has recovered back to $1.06.
The Cardano price analysis is displaying bullish signs today. The price moved up to $1.05 level as bulls successfully diverted the price function today and moved the price up in a swift move. Overall market sentiment has turned in favor of ADA/USD in the later hours today, and a further increase in price is also expected. ADA seems to be consolidating since 25th January as the coin is maintaining the price levels with slight diversions.
ADA/USD 1-day price chart: Bulls trying to climb past the $1.12 resistance
The 1-day price chart for Cardano price analysis shows bulls recovered the price up to $1.05 level from the start of the session, which is major progress after the bearish losses of the last days. The price might still struggle to break above $1.12 as selling pressure seems to be present in the mark.
The volatility has increased significantly for ADA/USD pair as Bollinger bands have widened up down, which is a favorable development for the cryptocurrency, with the upper band $1.522 representing the strongest resistance for ADA, and the lower band at $0.871 representing the strongest support for ADA, whereas the average of the Bolinger bands is forming at the $1.197 mark, quite far above the price level.
The relative strength index (RSI) is in the lower half of the neutral zone but slowly moving upwards and is present at index 40. The indicator is showing a sizeable space for the bullish run.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis also shows the bullish activity taking place in the market for ADA/USD. The price levels have improved much during the last eight hours as market conditions are in favor of bulls, and the price is expected to rise more.
The volatility is mild for ADA/USD pair as Bollinger bands are moving straight ahead with the upper band at $1.08 and the lower band at the $1.01 mark, making a mean average line at the $1.04 mark below the price level. The Bollinger bands yet have to take an upwards or downwards breakout.
The relative strength index (RSI) is at the center of the neutral zone at index 50 on the 4-hour chart, showing some more upwards movement during the recent hours as ADA/USD gathers buyers’ support.
Cardano price analysis: Conclusion
The Cardano price analysis suggests, the bulls are making a recovery, and if ADA gathers enough strength from buyers, then the price can break above the $1.12 mark, but selling pressure is there at this level. Though the shorter technical indications don’t support the bullish side as the overall price trend line is still downwards.
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-2022-01-31/
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