Cardano price analysis: Price ascends to $0.974 after the bullish takeover

TL;DR Breakdown

• Cardano price analysis shows an uptrend.
• Resistance for ADA/USD is present at $0.997
• Support is found at $0.930.

The Cardano price analysis is bullish as an increase in price has been reported today as the price has started to recover again. The price levels have improved to the $0.974 range after the bulls took over the market, while previously, a steady decline in ADA price was going on for the past week, and yesterday also proved quite damaging, but today bulls have taken the lead back, and the upwards trend has been restored again. Further improvement in price levels is also expected in the coming hours.

ADA/USD 1-day price chart: Coin value nears $1 after sudden recovery

The 1-day Cardano price analysis shows the cryptocurrency is following the uptrend again, as bulls have regained their momentum after a long period of decline. The coin value has started to recover again as it has reached up to $0.974, almost near the $1 psychological mark, gaining more than three percent value overnight. As the trend remained downwards for the last week, the coin still reports a 5.83 percent loss over the last seven days. The trading volume has also increased by 21.54 percent.

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

The volatility is increasing for ADA as the price variations are getting high, the lower limit of the volatility indicator is showing more divergence downwards, and it has reached $.939 level, still quite below the price level indicating support for ADA’s price function. The upper limit of the Bollinger bands is at the $1.225 mark, representing the strongest resistance for ADA; the distance between both ends of the Bollinger bands hints at the prevalence of the volatility. The moving average (MA) is at the $1.022 mark, far higher than the current price level.

The relative strength index (RSI) is trading in the lower half of the neutral zone at index 39, and the upwards curve of the indicator shows the buying activity in the market.

Cardano price analysis: Recent developments and further technical indications

The 4-hours Cardano price analysis indicates that the bullish momentum has resulted in an increase in the price value. The price has recovered up to $0.974, as the trend remained steadily bullish for today and the last activity recorded during the last four hours was also bullish, which helped in improving the coin value.

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

The bullish momentum seems to be intensifying in the upcoming hours, as the price action has surpassed the moving average (MA), which is trading at $0.956. Also, the Bollinger bands values in the 4-hours price chart are as follows; the upper Bollinger band is at $1.046, whereas the lower Bollinger band is at $0.922, respectively. The RSI has also reached up to index 43 after revival on the 4-hour chart.

Cardano price analysis conclusion

The Cardano price analysis is bullish for today previously the bearish pressure continued for the past week, which decreased the price levels seriously, but today the bullish trend has been resumed, and the ADA/USD value has been recovered to the recent price level of $0.974. The bullish trend seems to be extending in the future, and we expect ADA to continue upside for the next 24 hours, and it may break above the $1 psychological mark in the next trading session if the bullish momentum continues.