Cardano price analysis has been bullish over the past few hours, as the coin has recovered from lows of $0.3118 to its current level of $0.3171. This recovery was supported by strong bullish sentiment in the market, indicating that there is strong upward momentum in ADA/USD. The bears were in control for most of the hours today, with the price facing strong selling pressure at key resistance levels. However, a bullish breakout around these areas triggered a rebound and shifted the momentum in favor of the bulls.
ADA/USD has gained over 0.34% at the time of writing, as recovery from the recent lows continues. The price is trading in a narrow range between $0.3118 and $0.3182, however, if the price breaks above $0.3171, it could find further bullish momentum, pushing it toward its next major resistance level of $0.3182. On the downside, a break below $0.3118 could push ADA/USD back to its previous lows, or even lower.
ADA/USD 4-hour price chart: Price soars past $0.3182 resistance with an uptrend
The four-hour Cardano price analysis indicates that a positive trend has been underway for the past several hours. The line representing this trend is steadily rising, as the price of Cardano has increased gradually over time. The price has experienced some volatility in recent times, but overall it appears to be heading toward higher highs. Overall, the market sentiment seems positive for ADA/USD, and there is a good chance of further gains in the near future.
The Bollinger Bands on the four-hour chart are consistently widening, indicating continued bullish pressure in the market. Additionally, the Relative Strength Index (RSI) is also pointing upward and is currently at 56, which suggests that there is room for further increases in ADA/USD. The average value in the four-hour price chart is currently $0.3109, and it could be a good target to watch moving forward.
ADA/USD 1-day price chart: ADA experiences a bullish comeback as it reaches $0.3171 in recovery
The one-day chart for Cardano price analysis shows that the price has experienced a significant bullish comeback in recent times, with Cardano reclaiming much of its losses from the past few hours. The price has broken above several key resistance levels and is currently trading at $0.3171, which is significantly higher than its previous lows of around $0.3055.
Looking at the moving average indicator on this time frame, we can see that it is steadily moving upwards, indicating increasing momentum in ADA/USD. The Bollinger band is suggesting a possible reversal with the present upper bound at $0.337 and lower bound at $0.301. The Relative Strength Index (RSI) indicator has increased to 38.71, further confirming that the market sentiment is shifting towards bullishness.
Cardano price analysis conclusion
Overall, the recent price action in Cardano suggests that ADA/USD is likely to continue moving upward in the near future, as long as it can maintain the current level of bullish momentum. After a few hours of steadily decreasing prices, things are back on track and headed upward again. It looks like the price will continue to rise in the next few hours which is great news for buyers!
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-12-02/