Cardano price sees bulls defending their rally and could hold further 65% gains
Cardano price saw bulls overcoming several headwinds and breaking out of the short-term downtrend. ADA price looks ready to pop higher as buy-side momentum has exploded in just two weeks. Bulls face a double resistance area before making new...
- Cardano price analysis is bullish today.
- The resistance for ADA is found at $2.10.
- Support is present at $1.97.
The Cardano price analysis reveals the coin price has increased today despite the overall bears market. The ADA/USD was bullish during the last week, but the price started falling when it peaked at $2.27, the price reversal continued for three days, but today again, a slight improvement has been observed in the coin’s value as the bulls took over again.
ADA/USD 1-day price chart: Cardano recovers as bullish efforts emerge
The 1-day Cardano price analysis shows the price movement is small from the last two days, as the price depreciated but in small chunks for the last two days, and today’s price increment is also small, but at least it has provided some cushion to the cryptocurrency value. The ADA/USD is trading hands at $2.06 at the time of writing, and overall the coin reports a nominal gain of 0.4 percent over the last 24 hours and an increase of 3.2 percent in value over the last week.
The trading volume is down by a little more than 20 percent, and the market cap is also down by 0.28 percent over the last 24 hours, as the recovery is minimal until now.
ADA/USD 1-day price chart. Source: TradingViewThe volatility is mild for Cardano as the Bollinger bands are covering a narrow range from the past month. The upper band is at the $2.20 mark representing resistance for the coin, and the lower band is at the $1.87 mark, the average of the Bollinger bands is at the $2.03 mark representing support for the ADA/USD. The moving average (MA) continues to trade above the price level from yesterday and is trading at the $2.07 mark.
The relative strength index (RSI) continues to trade on a horizontal line near the centerline of the neutral zone. The RSI is not giving any clear signal and is found at index 48.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows that the price breakout was downwards at the start of today’s session, but since then, bulls have taken over the market, and an increase in price has been observed. The price trend line has been upwards for the last few hours.
ADA/USD 4-hours price chart. Source: TradingViewThe volatility is quite high on the 4-hour chart, as the Bollinger bands are quite expanded, but now the upper band is converging downwards, which does not seem to be an encouraging sign for the coin, as the price is trading between the lower band and the mean average line of the indicator, they present support and resistance for the coin at $1.9 and $2.10 respectively. The RSI shows an upwards curve here, indicating the buying taking place in the market. Recently the ADA price also climbed up the MA value on the 4-hour chart, which is a bullish crossover.
Cardano price analysis conclusion
The Cardano price analysis suggests that despite the corrective market today, the ADA is on improvement, and as the 4-hour chart shows, the price has been uplifted during the last four hours; a further improvement is also expected in the coming hours.
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