The latest Cardano price analysis predicts a strong bullish trend for the cryptocurrency jumped high, and the price covered upward movement during the day. The market has been following a decreasing trend for the past week as the cryptocurrency went through severe losses, but today chances were availed by the buyers once again. Currently, the buying momentum is getting strengthened, and the price has successfully reached above its immediate target, i.e., $0.485, as the coin price has touched $0.507
ADA/USD 1-day price chart: Bulls guide the price above the $0.500 horizon
The one-day Cardano price analysis is in favor of the cryptocurrency buyers as the price increases during the day. The bulls have managed to control the price movement for today after bearing through continuous defeat in the past week, and the market analysts have observed a tremendous decrease in ADA/USD value. Today’s trend was yet again in support of the bulls as the price managed to climb up to $0.507 gaining 13.5 percent value during the last 24 hours, which is a huge accomplishment. The moving average (MA) value stands at $0.564.
The volatility seems to be on the increasing side, which may provide an environment for further growth for the buyers regarding the shift in trends. Moreover, the upper Bollinger band value is $0.667 representing resistance for ADA, and the lower Bollinger band value is $0.431 representing support for ADA. The relative strength index (RSI) has also taken an upwards turn, and the score has improved to index 43 due to the buying activity observed today.
Cardano price analysis: Recent developments and further technical indications
The four-hour Cardano price analysis shows that the bulls have successfully taken advantage of the situation by securing their winning position once again. The four-hour price chart displays that the price breakout was upwards, and bulls ruled for eight hours straight and took the price up to $0.515. Although a downtrend caused unfavorable circumstances for the market earlier, and again selling pressure has been seen forming once again but the bullish momentum observed today has heightened the coin value to $0.507 as of now. The moving average value is currently at $0.476 position.
The short-term trending line is now traveling ascendingly because of the bullish comeback in the past few hours. The upper and lower Bollinger band values have undergone a shift as well, as now the upper extreme shows $0.596 of value while the lower extreme shows $0.426 of figures. The Relative Strength Index (RSI) score is still at an acceptable level, i.e., 45, because of the on and off bullish drift.
The crypto market has encountered a lot of loss over the past week. There has been a consecutive fall in price because of the selling trend. This is why we can see the technical indicators are still giving out a bearish indication. Moreover, only two indicators are on the buying side, nine on the neutral side and a majority of 15 are on the selling side.
Cardano price analysis conclusion
The daily and hourly Cardano price analysis favors the bulls for the day as a coin value seems to be growing tremendously. This is good news for the cryptocurrency buyers as the price has reached a $0.507 high point. The selling pressure is building again, but we expect ADA to continue upward movement after correcting for some time today.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-14/