•ADA/USD is currently priced at $0.40 and has increased by 12.27% over the past day
•The trading volumes have increased by 251.90% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Will ADA bulls come up trumps in the battle with bears?
The Cardano price today is $0.405849 USD with a 24-hour trading volume of $1,343,914,905 USD. Cardano is up 12.27% in the last 24 hours. The trading volumes have increased tremendously over the past day whereas the Volume to Market Cap Ratio stands at 0.09651 for the altcoin.
Amid the huge influx of buyers in the market, the sentiment regarding Cardano has completely flipped on its head. The altcoin is taking giant strides in its attempt to scale its previous highs, and this has led to the ADA price to transact above the 20,50 SMA on the four hour chart. The resumption of the uptrend could provide significant ammo to the bulls to scale the resistance level placed at $0.50. On the flip side, the support for the altcoin resides at $0.30 in the event of a shift in sentiment in Cardano.
Long Term View for ADA
The technical indicators for Cardano suggest a continuation of the uptrend. The RSI has climbed above the ranks steadily and is currently transacting at 55.56 after crossing the half way mark. A bullish crossover was witnessed on the daily MACD chart two days ago, which has significantly strengthened the resolve of the bulls. Moreover, the MACD and signal lines are rapidly heading towards the positive territory as well.
Conclusion
The Cardano price action witnessed today has left the bears scampering for cover as the buyers have come in tremendous amounts today. The outlook remains bullish for ADA in the near term.
Support: $0.35-$0.30
Resistance: $0.45-$0.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/10/26/ada-price-analysis-cardano-bulls-race-to-take-the-lead/