Cardano price analysis: ADA spikes towards $0.589 after a successive bullish streak

Bitcoinethereumnews 2 months ago Report
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The Cardano price analysis is indicating a major increase in the price value today. The bulls have been continually winning over the price charts, as the uptrend is quite visible. There has been an eminent rise in the bullish momentum as the latest update shows an increase in price up to $0.589. A further uptrend is to follow and it can be expected that the future might hold favorable circumstances for cryptocurrency.

ADA/USD 1-day price chart: price rises to $0.589 as bullish trend aggravates

The 1-day Cardano price analysis chart is indicating a bullish trend for the market today, which has been quite unexpected. The price levels have upgraded abruptly, which has provided a push to the bullish price movement. Nonetheless, the increase in price has been surprising as bears were expected to grow in the first place.

The bulls have pushed up the price to the $0.589 level today, as the coin gained 6.07 percent value during the last 24 hours. This value is still above the moving average (MA) value which is still standing at $0.566 because of the bullish trend that followed last week. Whereas the coin also reports an increase of 18.30 percent in value for the past week.

ada 1 day 2ADA/USD 1-day price chart. Source: TradingView

The volatility has also been high and the Bollinger bands are keeping their average at $0.533. Furthermore, the upper Bollinger band value is present at $0.620 while its lower value is present at $0.446. If we talk about the Relative Strength Index (RSI) then the indicator is trading at index 50 exactly at the center of the neutral zone and the upwards curve hints at the buying activity in the market.

The SMA 20 curve has traveled above the SMA 50 curve because of the bullish trend in the last week.

Cardano price analysis: Recent developments and further technical indications

The 4-hours Cardano price analysis shows that the bullish activity is still following up for cryptocurrency. The price levels dropped at the end of the previous trading session, however at the start of the current trading session, the bulls have made successive attempts of going past the resistance at $0.585, and have succeeded because of the sudden spike in the price.

ada 4 hour 2ADA/USD 4-hours price analysis. Source: TradingView

The bullish curve has been steady till now, as the price has increased today as well to $0.589. While the moving average is still way below the price value and is standing at $0.567. The short-term trending line is going upwards as well, confirming the bullish supremacy.

The volatility has been mild for the last hour, as the Bollinger bands are maintaining their average at $0.565 of value. Whereas their upper value is present at the $0.591 level while their lower value is present at $0.539, respectively. The RSI score has also increased significantly and is now standing at index 59 which is a quite neutral value.

Cardano price analysis: conclusion

The given 1-day and 4-hours Cardano price analysis is dictating that a sharp increase in the price levels has occurred today. The bulls have been successfully maintaining their upper position, and today the price value has risen further to $0.589. There stands a strong chance of the price levels going up, towards the $0.625 resistance as well if the current trend continues in the future.

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-2022-06-06/

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Original Source: https://bitcoinethereumnews.com/economy/cardano-price-analysis-ada-spikes-towards-0-5...

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