The most recent Cardano price analysis shows sideways price movement for the day as the price is recovering slowly. The price has been under the bearish shadow for the past two days, yet today a recovery in bullish momentum is being observed. The green candlestick on the price chart is marking a bullish price movement, but the candlestick is quite small in size due to the lesser price gain. However, the ADA/USD value has increased up to the $0.486 mark. Overall the price has been trading in a defined range for the past two weeks, and yet ADA has to break out of this cycle.
ADA/USD 1-day price chart: Bulls strive for the lead
The one-day Cardano price analysis is confirming an increase in price for the day as the bulls have successfully made a comeback. The green candlestick is an indication of the rising bullish momentum, and the ADA/USD price is now trading hands at $0.486 at the time of writing. Further recovery is possible in the coming days if the bullish momentum extends. However, due to the bearish price movement, the coin is still at a loss of 2.4 percent for the last 24 hours. The moving average (MA) value for the cryptocurrency is now at $0.485, just below the price.
The volatility is decreasing as the Bollinger bands show signs of convergence. The Bollinger Bands Indicator dictates the following values for the day; the upper value is at $0.583 after traveling downwards, representing the resistance, whereas the lower value is at $0.416 after traveling upwards, representing the support. The Relative Strength Index (RSI) score is quite neutral, and the indicator is at index 44, showing horizontal movement confirming the sideways movement of the price function.
Cardano price analysis: 4-hour price chart and further technical indications
The 4-hour Cardano price analysis shows the price has progressed quite swiftly during the past four hours, and an increasing trend has been observed in the last hour as well. The latest uptrend has improved the coin value up to the $0.486 mark, which is encouraging news for cryptocurrency buyers. The price breakout was downwards at the start of the trading session, but the bullish impulse has recovered the price above the opening price, turning the trend bullish for the day up till now. Further buying activity is to continue in the next few hours as well if the bullish momentum intensifies.
The Bollinger bands average value has been maintained at the $0.496 mark. Because of the increasing volatility, further uptrends can be expected in the next few hours. The Upper Bollinger band value has now changed to $0.518, whereas the Lower Bollinger band value has changed to $0.475. The lower end of the indicator shows more divergence due to the downtrend observed in the past 40 hours. The RSI graph shows an upward curve with an increase in the score up to index 46 as the price has started to improve.
Cardano price analysis: Conclusion
The above Cardano price analysis confirms that the bulls have successfully steered clear of the increasing bearish pressure by recovering the price to the $0.486 level. This is great news for the buyers, as more chances are going to hit their way during the upcoming week. Further intensification in the uptrend is to be expected if the bullish momentum remains intact.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-28/