Cardano price analysis shows the bulls have set a firm uptrend as prices spiked by 0.59 percent in the last 24-hour period to reach the $0.3207 level. This indicates bullish strength in the market and hints that we could see further gains in the near future. However, ADA/USD is facing strong resistance at the $0.3256 level, so if prices continue to rise, it will be important for traders to keep an eye on this key level. On the downside, support is seen at $0.3179, and a break below this level could pave the way for a decline to $0.3060.
The bulls were able to push the prices from a low of $0.3179 to a high of $0.3256 in a matter of hours. The bulls have since regained control and are pushing the prices higher. The ADA/USD has a market cap of $11.05 billion and a daily trading volume of $220 million.
ADA/USD 1-day price chart: uptrend causes price rise up to $0.3207
The market for Cardano price analysis has seen some consolidation in the past week, with prices ranging between $0.3052 and $0.3256. However, given the strong uptrend, we are seeing today, it looks like the bulls will continue to push prices higher in the coming days. To achieve this, they will need to overcome resistance at key levels such as $0.3256 and $0.33, which will pave the way for further gains.
The 1-day technical indicator for the Cardano market shows an uptrend as the MACD line is trading above the signal line. The RSI indicator is currently trading at 39.68 and is showing no signs of overbought or oversold conditions. The 50-day simple moving average is providing support for the market at the $0.3204 level while the 200-day simple moving average is providing resistance for the market at the $0.3203 level.
Cardano price analysis on a 4-hour price chart: Bulls in control of the market
Cardano price analysis on the 4-hour chart, ADA/USD is seen trading inside an ascending parallel channel as prices corrected lower after hitting the upper limit of the channel. The current move can be considered a retracement as the prices are still trading inside the bullish channel.
The RSI curve is currently trading at 58.33 and is not providing any clear indication as to the direction of the market. The MACD indicator is also trading close to the zero line which shows that there is no clear trend in the market at the moment. The 50-day SMA and the 200-day SMA are moving close to each other which is a sign of further consolidation in the market.
Cardano price analysis conclusion
Cardano price analysis shows that ADA price is expected to continue its upward move as the bulls remain in control of the market. The next target for the bulls is seen at $0.3256 and a further move above this level may take prices toward the $0.33 level.
While waiting for (Cardano) to move further, see our Price Predictions on BTC, ETH, and Curve (or ) Solana
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-12-04/