The Cardano price analysis predicts an increasing trend for cryptocurrency today. Although the price was facing bearish resistance earlier, the bulls have managed to bring the price above $0.484 in the last 24-hours as it has reached $0.513. The continuation of the green candlestick indicates that the coin value has been increasing once again for the third day consecutively. The hourly price prediction confirms similar market trends for ADA/USD, as the price covered upward movement in the past four hours.
ADA/USD 1-day price chart: Price levels inflate to $0.513 as bulls gain 11.8 percent
The one-day Cardano price analysis gives encouraging news for the cryptocurrency buyers, as the price has increased significantly during the day. The coin is currently trading at $0.513 at the time of writing, and chances are there for further increase in price levels. The coin has already gained 11.8 percent overnight, which is a big achievement for the bulls; however, the coin is still at a loss of 4.8 percent if observed over the past week. The price trends have been undergoing constant variation for the past week, but now a continuation of the bullish trend can be seen on the price chart, which has gained strength today. The moving average (MA) value is found standing at $0.498 position.
The volatility is relatively on the decreasing side, Bollinger bands upper value is 0.587 representing the resistance for ADA, whereas the lower value is $0.447 representing the strongest support for ADA. The Relative Strength Index (RSI) graph shows an upward curve as the buying activity intensified in the market, and the RSI level has reached index 41 in the lower half of the neutral zone.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis is also in support of the buyers today as the price has shooted high. The long green candlestick is marking a flashing rise in price over the past four hours. The price has gone above the upper limit of the volatility indicator as the buyers currently control the market trends. Right now, the cryptocurrency value is found trading at $0.513. The moving average value in the four-hour price chart is standing at the $0.279 level.
A crossover between the SMA 50 and the SMA 20 curves was recorded in the previous hours, but now the bulls are trying to recover their position. The upper band of the Bollinger bands indicator is present at the $0.501 mark, and the price is way above then the upper band, whereas the lower band is present at the $0.436 mark. The RSI graph shows a bullish curve as the indicator has reached the border of the overbought region at index 69.
Cardano price analysis conclusion
The daily and hourly Cardano price analysis shows support for the buyers, as a considerable amount of increase in ADA/USD market value was observed today, amounting to 11.8 percent. The green candlestick marks an upgrade in the coin value throughout the past 24-hour. We expect Cardano to continue upside for the coming hours. However, a small correction may also take place as the price is already trading above the upper limit of the Bollinger Bands on the 4-hour chart, and the RSI has also reached near the overbought region.
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-2022-05-30/