Cardano price analysis shows that the coin is currently in a sideways trend, with a chance of an uptrend. The immediate resistance for ADA lies at $0.4799, and support levels can be found at $0.4579.Cardano‘s price started the week off positively, with the coin trading above the $0.4600 level. However, the coin could not maintain this momentum and fell below the $0.4600 level. The coin found support at the $0.4579 level and has since traded in a sideways trend.
The bulls have again taken control of the market, and the price has risen to $0.4718. ADA/USD’s resistance is at $0.4799, but if the bulls manage to break through this barrier, the price is expected to rise to $0.50. However, if the bears take control of the market, we can expect the price to fall to $0.4579.Cardano’s price is currently in a sideways trend, with a chance of an uptrend. The immediate resistance for ADA lies at $0.4799, and support levels can be found at $0.4579.
ADA/USD 1-day price chart: Price levels inflate to $0.4718 as bulls gain control
In the last 24 hours, Cardano’s highest value was $0.4991; the lowest value dropped to $0.4653. At the time of writing, ADA is trading at $0.4818.The market capitalization of Cardano is currently $1,280,216,289, and the 24-hour trading volume is $344,804,968.
Cardano price analysis predicts a bullish trend soon as the price has shown signs of consolidation above the $0.4800 level. However, if the bears take control of the market, we can expect the price to fall back to support at $0.457.
ADA/USD 1-day price chart. Source: TradingView
The Technical indicators are currently giving mixed signals as the RSI is in the oversold region, indicating that the price might fall soon. However, the MACD is close to crossing over into the bullish zone, indicating that the bulls are gaining market control.
The moving averages also give mixed signals as the 20-day EMA has crossed below the 50-day EMA, indicating that the bears are in control of the market. However, the 100-day EMA is close to crossing into the bullish zone, indicating a trend reversal on the cards.
ADA/USD 4-hour price chart: Recent developments and further technical indications
The 4-hour Cardano price analysis shows that the coin is currently in a sideways trend as the price has been consolidating between the levels of $0.47 and $0.50. The immediate resistance for ADA lies at $0.550, and support can be found at $0.4579.The bulls have taken control of the market, and the price has risen to $0.4718. However, if the bears take control of the market, we expect the price to fall to support at $0.457.
ADA/USD 4-hour price chart. Source: TradingView
The MACD indicator is currently above the signal line, showing that the market is on an upswing. The 4-hour MA50 is also in the bullish zone and trades at $0.4687. The MA200 is also moving towards its peak of $0.4591 and appears to be under the control of the bulls.
Cardano price analysis conclusion
The Cardano price analysis is in a positive trend, with prices steadily rising over the previous several hours. However, traders should be cautious since the prices could consolidate before making another move. It will be critical to note the market’s direction in the following few days. While other cryptocurrencies continue to struggle for their feet, ADA/USD is one of a few that has shown some stability recently.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-24/