The latest Cardano price analysis is bullish today as it confirms that bulls have finally taken the lead just recently. The coin was under bearish pressure since the start of today’s trading session, after breaking downwards at the start. Bullish support appeared late at night, but bearish pressure was overwhelming, and soon bears degraded the price further down. But bulls made a strong comeback just recently, and the price rallied toward the $0.3901 level.
The bullish and bearish pressure is still in a tug of war, and the coin’s price could be seen hovering around the $0.3900 mark for now. The immediate resistance for ADA/USD pair is found at $0.3966 where bears might take back the lead to control the market sentiment again. Strong support is present at $0.382, and this might act as a cushion for bulls in case bearish pressure takes over the market.
Cardano price analysis daily price chart: Bulls rally high, turning the trends
The 1-day Cardano price analysis dictates that a rise in price has taken place in the last past few hours. The circumstances have been going extremely favorable for the bulls for the past few hours. This week has seen a fluctuation in price movements, as well as the bears, were struggling to regain their position. Today’s trend, however, has been extremely supportive for the buyers as the price has increased up to the $0.3901 level gaining 0.53 percent.
The moving average convergence/divergence,(MACD), also confirms the upward movement in price as it has crossed above 0-line. This indicates that bulls are gaining momentum and may continue to dominate the market sentiment. However, more trading volume needs to be seen in order for the trend to be completely reversed. The relative strength index (RSI) is slowly climbing upwards and is currently hovering around the neutral territory. The moving average indicator points to a bullish trend, with the 20-day MA line above the 50-day MA line.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows the price function was under bearish pressure from the start of the trading session, as bears were in dominating position and a further downtrend was expected, but the STX found a support floor at $0.3901 level and the coin rejected further downside. The situation turned interesting when the price spiked high towards $0.382 from $0.3901 in just three hours, recovering all the loss and turning the price level into greens. Bulls have performed extremely well as now we expect the ADA to close on the greener side.
The Relative Strength Index (RSI) is currently neutral, hovering around the centerline at the 40.47 level. This suggests that neither of the market participants is in absolute control at the moment and further movements need to be seen. The moving average indicators also point towards a bullish trend and are currently sitting at the $0.389 level. The MACD is also in a positive zone, indicating the bulls could take the lead and drive prices higher.
Cardano price analysis conclusion
The Cardano price analysis shows the coin has suddenly turned bullish after remaining under bearish stress for the major part of today’s trading session. The spike in price has brought brighter prospects for the buyers, and we expect ADA to continue further upside and close in greens today.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-04-24/