The Cardano price analysis shows that cryptocurrency is bullish today. Bulls have made a significant recovery today after yesterday’s lead; even bulls are trying to overcome the resistance present at $0.464. The ADA/USD price has recovered up to $0.465, as bulls have covered the loss made by bears earlier and are on their way to further recovery as the price is still at a lower level compared to the last month.
ADA/USD 1-day price chart: ADA gains 1.79 percent value as bullish efforts emerge consistently
The 1-day Cardano price analysis reveals Bullish momentum. Though during the last month, extreme bearish activity has been observed, today, bulls seem to overcome the bearish attempt as ADA Gained a value of 1.79 percent in the last 24 hours, while the coin also reports a gain of 3.31 percent for the past week. The gains made are on the lower side; however, bulls are trying a way to higher prices. On 5 July 2022, ADA price levels crashed extremely low to $0.453, but bulls made a swift recovery yesterday and are in the lead today as well, as the price has been uplifted back to $0.465 as of now, which is a piece of positive news for the buyers.
The Cardano price analysis shows the volatility is quite low. The Bollinger bands are forming a narrow tunnel, the upper Bollinger band is at the $0.502 mark representing the strongest resistance, and the lower band is at the $0.440 mark representing the support.
The moving average (MA) is at the $0.459 mark as the SMA 20 is trading below the SMA 50 curve. The relative strength index (RSI) has been recovering at a slow pace and has reached index 44 in the lower half of the neutral zone, and the curve of the indicator is slightly upwards, hinting at the buying activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis chart shows the continuous emergence of green candlesticks. Bulls have gained a good amount of momentum during the past hours and have recovered the price up to $0.465. If buyers’ support continues, then the token may continue the inclining price trend, as further recovery also seems possible despite the fact that bulls are already striving for the last 20 hours.
The moving average (MA) is at the $0.458 mark below the price level, indicating a bullish crossover, whereas the Bollinger bands average is at the $0.457 mark, also below the price level. The volatility is still low as the upper Bollinger band is at the $0.471 mark, and the lower Bollinger band is at the $0.444 mark.
The relative strength index (RSI) continues its upward movement as it has reached index 56 on the 4-hour chart. The indicator shows continuous buying activity in the market, and there seems to be more room for further bullish practice.
Cardano price analysis: Conclusion
The 1-day and 4-hour Cardano price analysis reveal a bullish trend as the price has increased further today. The upward trend, which started yesterday, is still to go ahead as the bullish efforts are steady. However, the cryptocurrency price oscillations are expected to remain low as the volatility is quite low, so a major recovery in price value seems difficult.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-07/