Cardano price analysis shows signs of an uptrend, as the price underwent a further increase in the last 24 hours. The price is on its way toward revival and has recovered up to the $0.4091 mark during the day as the bullish trend has gained stability. The past week has proved to be highly supportive for the buyers. A constant uptrend has been on the rise, and a similar trend is observed even today. Further recovery is possible if the buyers remain persistent in their efforts.
The ADA has seen some strong buying pressure as of late and looks poised to continue its upward momentum in the medium term. Cardano prices have been hovering around the $.37-0.42 level for the past few days and a breakout above this could see prices move toward the $43.00 region in the near term. The 24-hour trading volume is currently around $779 million and the total market capitalization is at $14.09 billion.
ADA/USD 1-day price chart: uptrend causes price rise up to $0.4091
The one-day Cardano price analysis confirms a bullish trend for cryptocurrency, as the ADA/USD value has increased significantly. A considerable degree of increase in coin value is being detected due to emerging bullish efforts. If the buyers remain persistent, it can be predicted that the price will increase further in the next coming hours. The price is now standing at $0.4091, as the coin gained 4.22 percent value during the last 24 hours, and the weekly trend line is also going upwards.
The price has been trending higher in recent days and the RSI indicator is currently at 48.73 which is in the overbought region, meaning that a pullback could occur in the near term. The MACD indicator is also in bullish territory and is currently above the signal line, suggesting that prices could continue to move higher. The coin is trading above the 20-day moving average (MA) and the 50-day MA, which is a bullish sign.
Cardano price analysis: Recent developments and further technical indications
On the 4-hour chart, it can be seen that Cardano price analysis has formed an ascending triangle pattern, as prices continue to make higher lows. The coin is currently trading very close to its all-time high, with the bulls looking to push prices higher in the near term. The 4-hour ADA/USD confirms an increasing trend as the price has covered an upward movement in the past 8 hours despite the fact that the price breakout was downwards. This can be confirmed from the four-hour price chart, where the green candlesticks appear, indicating a rise in coin value.
The RSI indicator is currently at 47.89, which is in neutral territory, suggesting that prices could move in either direction in the near term. The MACD indicator is also in bullish territory but is close to the signal line, offering that prices could consolidate in the near term. The 20-day moving average (MA) is currently at $0.4122 and the 50-day MA is at $0.4015, both of which are bullish signs.
Cardano price analysis conclusion
The price is headed up once again, as has been confirmed from the one-day and four-hour Cardano price analysis. The price has followed an upward movement today because of the bullish trend dominating the market. As bulls have been in the driving seat for the past 24 hours, a correction may appear in the coming hours if bears show any activity. But if the buying momentum continues, then ADA may continue upside above the $0.4203 mark.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-11-04/