The current Cardano price analysis is showing signs of bullish activity as the price has increased considerably since the last week. The price has been uplifted to $0.528 as a result of the bullish price movement and is expected to increase even more in the coming time. The past week has been relatively favorable for the bulls as the uptrend has been managed after a few stumbling blocks. The next resistance for ADA/USD is present at the $0.554 level, and the support level for the coin has risen to $0.493, which seems strong enough at the moment.
ADA/USD 1-day price chart: Bulls carry price to $0.528 gaining 5.50 percent more
The one-day chart for Cardano price analysis is displaying promising results, as it has raised the bar today as well. Bulls overcame the bearish pressure of yesterday, and finally, the price closed in greens yesterday on 28 July 2022, and today a continuation of the bullish trend has been observed.
The past week proved overall successful for the bulls as the price increased considerably, amounting to 7.16 percent, which is a high achievement as the weekly gain was near four percent up till yesterday. Today, the trend has been no different as there has been a rise in price up to the $0.528 level. The SMA 20 curve is trading higher than the SMA 50 curve as it has reached the $0.500 level.
The volatility has increased today, which is why the Bollinger bands average has been readjusted to $0.477. The upper value of the Bollinger bands Indicator is now at $0.542, representing the strongest resistance for ADA, while its lower value is at $0.411, representing the strongest support for ADA/USD. The Relative Strength Index (RSI) has increased up to index 58 as well because of the bullish trend hinting at the buying activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis reveals bulls have been ruling the price function as the price has increased tremendously even today, but currently, the selling pressure has arrived, and a correction has started during the past few hours. The price is currently present at a $0.527 position; however, it is expected that the correction will soon end. As the bullish momentum has been at its peak, the price has been able to break past the $0.517 resistance as well. Furthermore, the moving average (MA) indicator shows its value at the $0.515 level.
The volatility has been increasing again, which is why certain variations in the price movement can be expected. However, more price movement is expected to be in the upwards direction as the upper band is traveling upwards at a steep curve. The Bollinger Bands Indicator in the 4-hour price chart shows the following values; the upper value is $0.543, while the lower value is $0.438. The RSI score is quite near the overbought mark, but the recent selling activity has turned its curve downwards at index 64.
Cardano price analysis conclusion
The one-day and four hours Cardano price analysis shows a substantial rise in price as the bullish momentum has gained stability. The price has rejoined the $0.528 level and is expected to move towards a higher position in the future after the correction ends in the coming hours. The hourly chart predicts a sufficient improvement in price as well, which is a welcoming sign for the buyers. If bulls overcome the current selling pressure, then the coin can be expected to remain bullish for the next 24 hours.
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-2022-07-29/