Cardano price analysis shows a bullish trend as the digital asset has begun to move in an upward direction after a period of consolidation below the $0.50 level. ADA/USD bulls have pushed the price above the $0.4928 resistance, which will likely lead to more gains soon. The support for ADA is still at $0.4581; a break below this level could see the price fall to the $0.40 area soon.
Cardano price analysis shows that the price has been trading in a tight range below the $0.50 level for the past few days. However, ADA bulls have finally managed to push the price above the $0.4928 resistance, which is a positive sign. The next major digital asset resistance is at the $0.5000 level. If the bulls can push the price above this level, Cardano‘s price could surge towards the $0.5200 level in the short term.
ADA/USD 1-day price chart: Price levels inflate to $0.4918 as bulls gain control
In a 1-day time frame, Cardano price analysis is analyzing an ascending structure formation with a breakout of $0.4928. The market is expected to have a bullish continuation towards $0.5000 however if the bears defend this level, we may see a retracement towards $0.4800 and $0.4750 levels before the bulls. The digital asset moves upwards after gaining 2.18% over the past 24 hours and trading volume also increases as it is sitting at $1,058,468,625 while the market cap is at $16,689,653,387.
The Relative Strength Index (RSI) is moving towards the overbought region, which indicates that the price may face some selling pressure at higher levels. The Bollinger band indicator shows no squeeze in the market as the upper and lower bands are horizontal. The MACD indicator is also positive with a bullish crossover above the signal line.
Cardano price analysis: Recent developments and further technical indications
The four-hour Cardano price analysis shows that the bulls have successfully taken advantage of the situation by securing their winning position once again. The four-hour price chart displays that the price breakout was upwards, and bulls ruled for eight hours straight and took the price up to $0.4918.
The RSI is currently at 58.16, and it has entered into the overbought region, indicating that there might be a bearish correction in the market soon. The MACD indicator shows a bullish crossover above the signal line, which is a positive sign. The Bollinger band indicator shows a squeeze in the market as the upper and lower bands are contracting.
Cardano price analysis conclusion
In conclusion, the daily and hourly Cardano price analysis shows support for the buyers, as a considerable amount of increase in ADA/USD market value was observed today, amounting to 2.18%. The market is expected to have a bullish continuation towards $0.5000, however, if the bears defend this level, we may see a retracement towards $0.4800 and $0.4750 levels before the bulls step in again.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-20/