The latest Cardano price analysis reveals a strong bullish trend as it shows the cryptocurrency price function is headed steeply upwards for today. The price of ADA/USD is continuously going up as it has now touched $0.660. The trending line was downwards since 22 April 2022, but the bulls have been trying to elevate the price levels for the last four days, and a sharp increase in price was also recorded yesterday. Today the trend is the same, as the bullish momentum has broken above the $0.627 crucial resistance. The bulls are now trying to retest the $0.740 resistance.
ADA/USD 1-day price chart: Bulls target $0.740 next
The 1-day Cardano price analysis chart shows an increase in price as the bulls continue their lead for today as well. The last four days have been promising for the cryptocurrency value as the trend was bullish, and today ADA gained 26 percent value overnight as the price has reached $0.660 at the time of writing, which is the highest level after 9 May 2022. The bullish momentum is building up at a rather high pace, and the moving average (MA) value is at $o.517 below the price level, complementing the bullish momentum, and it may cross above the SMA 50 curve if the bullish momentum continues for a few hours more.
The volatility is increasing again as the Bollinger bands started to diverge yesterday, and as a result, the Bollinger bands’ values have changed to the following figures; the upper band is now at $0.623 while the lower band is at $0.431. The Relative Strength Index (RSI) has followed an upwards movement as well, and the score has finally reached index 57 in the upper half of the neutral zone indicating the buying activity.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows that the price has improved today, and no signs of selling pressure have been observed yet. The highest increase in price has been observed during the last four hours as the price jumped to $0.663 just now.
As the overall uptrend of today has been quite overwhelming, the price has maintained above the upper limit of the volatility indicator, while the moving average (MA) is at $0.547. The Bollinger bands suggest high volatility for ADA as its upper value has gone to $0.608, and its lower value has moved down to $0.394, indicating an increase in volatility for the crypto pair. The RSI score is also going up on the 4-hour chart and is on an upwards slope, present at index 90 in the overbought region at the time of writing. The RSI can give a sell call any time soon.
Cardano price analysis conclusion
From the given Cardano price analysis for one day and four hours, it can be inferred that the cryptocurrency is overall in a good position if compared to the past few days as the coin has gained good value since yesterday. ADA/USD is expected to follow more upside in the coming hours, but some retracement is also expected as the RSI is quite high on the hourly chart.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-05-31/