Cardano price analysis is bullish today as the ADA/USD pair is trading above $0.3516. The pair has broken out of the range-bound pattern it was trading in for the past few days and is now pushing higher to reach new highs. The market opened today with hopeful bearish indicators, continuing yesterday’s remarkable momentum as they pushed prices lower to $0.3498.Therefore the bulls were able to regain control of the market and push prices back up to $0.3516, the highest level. The rise in price is supported by strong buying pressure and an increase in trading volume, which is indicative of a bullish market.
Cardano price analysis 1-day chart: ADA produces bullish divergence
The one-day Cardano price analysis reveals that the coin has been forming higher highs and higher lows, which is a bullish sign. It’s worth noting that the bulls are pushing for an extended upside movement in the near future. The resistance for ADA/USD has been at $0.356, which is being tested for the second time in a row, while the support is currently at $0.3458.The price of Cardano has been stuck between the range of $0.3516 to $0.3518 for several days and is expected to remain within the same range in the short term.
The technical indicators are also suggesting a strong bullish bias as the MACD is showing increasing momentum and the RSI is above 60, indicating strong buying pressure. The volume profile has expanded significantly in the past 24 hours, indicating that investors are increasingly buying into Cardano. The upper band of the Bollinger bands indicator is touching the $0.3777 point, whereas their lower band is present at a $0.2144 margin.
ADA/USD 4-hour price chart: Latest development
The hourly Cardano price analysis for the cryptocurrency is trading in a strong uptrend, with the price hovering near its all-time high of $0.3516. The bulls are attempting to break out of this resistance level and achieve a new all-time high. If the bulls are successful, ADA/USD could surge to levels above $0.3520 in the near future.
The Relative Strength Index (RSI) is currently moving above the 50 level, which suggests that there is strong buying pressure in the market. Furthermore, the Moving Average Convergence Divergence (MACD) is currently in the positive region, which is a further indication of the bullish outlook for ADA/USD. The Bollinger Bands are also widening, indicating rising volatility.
Cardano price analysis conclusion
In conclusion, the Cardano price analysis has been on a bullish trend and is expected to remain in this range for some time. Investors should wait for a strong bullish signal before entering the market. Therefore, it is advised to exercise caution while investing in ADA/USD. However, the bears are about to capture the market. If the bulls fail to strike back soon, the bears will engulf the market for the long term
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-01-17/