The recent Cardano price analysis indicates that the ADA/USD has been trading on an upswing in the past 24 hours. The crypto asset’s value surged above the crucial $0.4 mark, signifying the return of bullish momentum in the market. This surge in price appears to have kickstarted a new wave of bullish momentum, with ADA/USD rising over 10% in the last week alone.
ADA opened its trading session on a positive note, with the price rising above the psychological $0.4 handle. The crypto asset surged further afterward, with its value climbing as high as $0.4079 before retracing some of those gains. Nevertheless, ADA/USD has still managed to hold onto most of its gains, with the price currently trading at around $0.4032.
Cardano price analysis 1-day chart: Bulls retrace their steps surging ADA to $0.4032
The 1-day chart for Cardano price analysis shows that the crypto asset has been on a steady uptrend, with the price rising from its opening value of $0.3709 to its current value of $0.4032. The trading volume standing at 595 million has seen a significant surge in the past 24 hours as it has gained 49.14%. The market cap too is on the rise with it currently standing at $14 billion.
The relative strength index (RSI) is indicating a strong bullish sentiment in the ADA/USD market, with the indicator currently reading 63.61 indicating that bulls are in control of price action for the time being and could take the pair further up in the days to come.
The moving average convergence divergence (MACD) is also seen displaying a bullish momentum, with its histogram showing an upward-sloping trendline and the line itself crossing above the signal line. The moving average (MA) is also seen sloping upwards, with green candlesticks forming a constructive bullish signal.
Cardano price analysis 4-hour chart: ADA/USD bulls attempt to break the $0.4100 barrier
Looking at the 4-hour chart for Cardano price analysis, we can see that ADA/USD has been trading in a range-bound pattern between $0.3950 and $0.4075. The crypto asset is currently attempting to break past the $0.4100 mark, which could pave the way for further gains if the buying pressure increases.
The hourly technical indicators are also showing signs of strength, with the RSI entering the overbought territory currently at 71.59 level. The MA is also seen sloping upwards, forming a constructive bullish signal in the process. In addition, the moving average convergence divergence (MACD) indicates that the bulls are in control of the market as its histogram is overwhelmed with green bars and the line itself is trading above the signal line.
Cardano price analysis conclusion
In conclusion, Cardano price analysis has been on a bullish run in the past 24 hours, with ADA/USD rising above the $0.4 mark and gaining 7.46% in the past 24 hours. The technical indicators are also suggesting that the bulls are firmly in control of the market and could take it further up if they can break past the $0.4100 resistance level.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-03-31/