Cardano price analysis: ADA reaches $0.3146, chances of a steady uptrend exist

Today’s Cardano price analysis is bullish, as we’ll likely see another wave of upward momentum in the near future. ADA reached a high of $0.3146, representing an increase of over 0.77% since this time yesterday. The cryptocurrency faced some resistance at the $0.3185 level, but we can expect to see further gains in the days ahead as long as support holds steady around the $0.3061 level.

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, both gained slightly, while other large-cap cryptocurrencies saw bigger gains, with 2.38 percent and 1.93 percent increases in price, respectively.

Cardano price analysis 1-day chart: Price hit a high of $0.3146 earlier today

The 24-hour Cardano price analysis shows that the cryptocurrency has stabilized well above the $0.3061 level, The market opened trading in bearish momentum at around $0.3093, but quickly recovered after hitting a high of $0.3185 which strong bullish pressure on the ADA/USD charts, as we could see further gains in the days ahead. The 24-hour trading volume for Cardano was about $59.7 million, which is higher than usual and indicates strong bullish sentiment in the market while the market cap is currently over $6.5 billion.

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

The 50-day and 100-day moving averages for Cardano prices continue to trend upwards, indicating a potential shift in the market’s direction. The Relative Strength Index (RSI) is at 38.03, which is indicating that bullish momentum will likely continue for a few more days. The MACD is also trending upwards, which is another bullish signal for the Cardano price momentum.

ADA/USD 4-hour chart: Cardano to see further upside today?

The hourly chart of Cardano price analysis shows that the cryptocurrency has been on a steady uptrend since this morning, but it may see some downside momentum later today if the $0.3185 level is broken. But overall, we can expect to see further gains in the coming days. The price of ADA/USD was fluctuating in a range of $0.3061 to $0.3185, showing mild volatility over the previous 4 hours.

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

The hourly moving average indicator is at 0.311, suggesting positive momentum for the cryptocurrency in the near future. Meanwhile, the MACD is heading upwards, indicating the bullish sentiment in the market, with the histogram moving into positive territory. The RSI is at 44.64 and is also showing increasing buying pressure for Cardano’s price in the near future.

Cardano price analysis conclusion

In conclusion, it looks like ADA/USD will likely experience some consolidation in the coming hours, but we can expect to see further gains in the days ahead as long as support at $0.3061 holds steady. Both daily and hourly technical indicators are also showing bullish signals, which is a good sign for investors and traders in the Cardano cryptocurrency community.