Recent Cardano price analysis shows that the market is in a bullish mood as it trades above the $0.47 level. The coin has seen a price hike of over 6 percent in the last 24 hours, which has helped it move closer to the $0.4809 high. The ADA/USD pair is currently trading at $0.4746 and looks set to continue its upward move.
The coin has found support at the $0.456 level and is now aiming for a breakout above the $0.4809 resistance level. If successful, Cardano could move towards the $0.50 level. On the other hand, if the coin fails to sustain its upward momentum, it could pull back to the $0.456 support level.
Cardano price analysis 24-hour price chart: Price curve heads up towards $0.4746 as bulls continue to rally
The Daily timeframe for ADA/USD shows that the market has been in an uptrend for the past few days. The ADA/USD pair is currently trading at $0.4746 and looks set to continue its upward move. The 24-hour trading volume for the pair is $257 million, and the total market capitalization is $15.3 billion. The MA for today’s price is $0.4702, which is slightly below the current market price.
The gap between Bollinger bands is widening, which means that the current trend may intensify. The upper band has reached $0.0.4809, representing the strongest resistance, whereas the lower band is touching the $0.456 value representing the strongest support for the coin. The Relative Strength Index (RSI) score is increasing at a faster pace and has reached an index of 51.49, which is appreciable as it is towards the buyers’ side and may increase further as the buying activity goes on.
ADA/USD 4-hour price chart: Recent developments and further technical indications
The 4-hour timeframe for the Cardano price analysis gives the lead to the buyers as well, as the price has been improving since the start of the trading session, following yesterday’s bullish lead. Overall, the bulls have been in the lead since yesterday, with some high spikes also recorded. The current scenario has been quite favorable for the bulls as they have cornered bears successfully. The coin value has increased up to $0.4746 former high during the last four hours.
The Bollinger bands are showing support for the bullish trend as they have started to diverge to accommodate the uplifting price. The upper value has reached $0.4809, and the lower value is at $0.456, which is also acting as a buying area for traders. The RSI indicator has been on an uptrend for the last few hours and has now reached an index of 41.83; it may push northward in the upcoming trading hours to touch overbought levels.
Cardano price analysis conclusion
The Cardano price analysis confirms that the price has undergone a good improvement during the day. The ADA/USD price is now touching the $0.4746 mark, which is the highest of the last few hours, and it can be expected that it will move up to further highs in the approaching hours. However, the price has reached near the resistance zone, and there are chances that the price may correct for a few hours before continuing further upside.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-09-17/