Ethereum killer Cardano eyes $3 after two months of losing streak
Cardano price shows some respite after being stuck in a massive downtrend in a bull market. Things are looking up for ADA as it dips into the daily demand zone and forms a triple-tap setup. A daily close below...
- Cardano price analysis indicates a bullish trend.
- The ADA price has recovered to $2.
- Support is present at $1.99.
The Cardano price analysis is on the bullish side today as the price has recovered to $2 after yesterday’s loss. For the past month, the ADA/USD price has mostly remained above $2, but the 27th Octobers bears market plunged the price down to $1.91, and ADA remained below the $2 psychological mark for the next six days, i.e., till 2nd November. A breakout above $2 was observed on 3rd November when ADA/USD reached back $2.06 but was declined again yesterday on 4th November. Today again, bulls are dominating the market and have recovered the price to $2.
ADA/USD 1-day price chart: Bulls leading the price charts
The 1-day Cardano price analysis shows that the bulls are dominating the price function today as the price is on the rise. Currently, ADA/USD pair is trading hands at $2 at the time of writing. The crypto pair still shows a loss in price value by 1.8 percent over the last 24 hours due to yesterday’s bearish trend; in contrast, the coin shows an increase in value of 0.14 percent over the past week. The gain is marginal but still indicates the direction of the price trend line, which has been upwards for the past week. The trading volume is down by 34 percent, and the market cap shows a decrease of 2.59 percent over the last 24 hours.
The volatility for the ADA/USD pair is mild as the Bollinger bands show a slight expansion after 26th November, but the indicator still follows the narrow channel pattern it formed since the last month; the price oscillations have been less during this time except a steep plunge of 27th October. Currently, the ADA price is trading between the lower limit of the Bollinger bands and the mean average of the indicator, indicating support for ADA at $188 and resistance at $2.06, respectively.
The relative strength index (RSI) is found in the lower half of the neutral zone, but after dipping yesterday, the RSI now shows a slight upwards curve, indicating a small increase in buying activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows that at the end of yesterday’s session, bulls came to rescue ADA/USD price when they rejected further downside at $1.97. And green candlesticks can be seen emerging today as well as bulls lead the price function recovering it to the current price level.
The volatility on the 4-hour chart is high as the volatility indicator expanded vastly on 27th November and still moves expanded ahead, with very little convergence from the lower side. The price is trading exactly below the mean average of the indicator, which is present at $2.008 and also below the moving average (MA), which is also present at $2.008. The price seems to be overtaking both the Bollinger bands average and the MA, and as it will break above the two values, it will be a bullish crossover.
The RSI on the 4-hour chart is present at the centerline of the neutral zone trading at index 50. The RSI shows a humble upwards curve which is why the price oscillation is a bit slow.
Cardano price analysis conclusion
The Cardano price analysis shows that today’s recovery has brought the price up to the $2 psychological mark, but the trading volume is less. If trading volume increases over time today and buyers enter the market, then the current recovery is expected to continue for the coming hours. On the other hand, if the trading volumes remain down, the support at $1.99 may also falter, and the coin will fall back below the $2 mark. As the price has been on an uptrend for the last 16 hours, a correction is also not out of the question as well, but traders can hope the price to remain above $2 today.
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