The recent Cardano price analysis shows that the ADA/USD pair has been on a bullish trend in the past 24 hours. ADA has been trading on a downtrend pattern for the past week and it is currently on the verge of testing the resistance level of $0.4000. ADA has gained over 5% in its value in the past day as it is trading at $0.4024.
The buying pressure has significantly increased in the past few hours and as a result, ADA is likely to break through the resistance level of $0.4000. The support for ADA has been present at the $0.3778 level and if it continues to hold, then there are high chances of further gains in ADA’s price. However, if the support level fails to hold, then there could be a reversal in ADA’s price trend.
The whole crypto market sentiment is currently bullish and as such, it is likely that ADA will continue its upward momentum. Major leading coins such as Bitcoin and Ethereum have also seen a significant surge in their prices over the past few days. BTC has surged to the $28k mark with the ETH back to the $1,800 level. BTC’s dominance currently stands at around 45.86%.
Cardano price analysis 1-day chart: Bulls momentum looks strong
The 1-day chart for Cardano price analysis shows that the uptrend is gaining momentum. Bullish momentum is quite steady today as the price has been continuously rising during today’s trading session. The market capitalization of Cardano (ADA) is currently at $14,031,911,486 and the 24-hour trading volume has been recorded at $268,665,576.
The technical indicators for ADA/USD pair are currently looking favorable for the bulls and it is likely that the price will continue to rally in the near term. The Relative Strength Index (RSI) is currently trading at the neutral region at 50.51 which indicates that there’s some room for further upside movement.
On the other hand, the Moving Average Convergence Divergence (MACD) indicator shows positive momentum as the MACD line is changing its direction to trend upwards and the red bars on the histogram are decreasing in size. The moving average (MA) indicator with a value of 0.4001 is also below the current market price which confirms that the bulls need to outperform the bears fully to control the market.
Cardano price analysis hourly chart: Recent developments and further indications
According to the hourly chart, Cardano’s price analysis suggests that the uptrend has been gaining momentum in recent hours. The buyers are seen to be dominating the market as the price has gained over 1% in the past hour and is currently trending upwards. The price recovery speed is satisfactory, but bulls need to show more momentum to challenge the next resistance.
The technical indicators are looking favorable for the bulls as the Relative Strength Index (RSI) is trading at a high value of 59.18 heading to the overbought region. The Moving Average Convergence Divergence (MACD) indicator has made a crossover from bearish to bullish and the green bars on the histogram are increasing in size. The moving average indicator is also below the current market price which confirms that the bulls have control over the market. The green candlesticks are growing in size and show the buying pressure.
Cardano price analysis conclusion
In conclusion, Cardano’s price analysis suggests that the bulls are firmly in control of the market as the buyers have been dominating. The technical indicators also look favorable for further upside movement in ADA’s price. The support at the $0.3778 level needs to hold for further gains in ADA’s price, otherwise there could be a reversal in trend.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-04-26/