Cardano price analysis shows that the market momentum has revived and the bulls are in control. The price is currently trading at $0.4324 and is expected to rise further up to the $0.4348 mark. The market has been quite volatile recently and Cardano is no exception. The cryptocurrency started the week on a strong note with the bulls pushing the price above the $0.43 level. However, the bears took control and pushed the price down to $0.42.
Resistance for ADA/USD is present at $0.4348. This is a key level to watch out for as a break above this resistance could see the price target at the $0.44 mark. On the downside, support for ADA/USD is present at $0.4255. A break below this support could see the price target at the $0.42 level. Overall, the market looks bullish and is expected to continue its upward trend.
ADA/USD 1-day price chart: Price levels inflate to $0.4324 as bulls gain control
The 24 -hour Cardano price analysis shows that the market is in a bullish trend. The bulls have been in control of the market as the price is up by 1.13%. The market capitalization is currently at $14.80 billion and the 24-hour trading volume is at $428 million with the total market supply at 34 billion.
The Simple moving averages are currently in a bullish crossover, with the 50-day simple moving average (SMA) rising above the 200-day SMA. This indicates that the path of least resistance is to the upside and that the bulls are in control of the market. The MACD is also in bullish territory and is rising, indicating that the bulls have the momentum to push the price higher.
The RSI is currently at 42.33 and is rising, indicating that the Cardano price is in bullish territory. However, it is approaching overbought levels, which could see the bulls take a break and allow the bears to take control of the market.
Cardano price analysis on a 4-hour price chart: Recent updates
The 4-hour Cardano price analysis shows that the market is in a strong uptrend as the price has risen above the $0.43 level. The market bulls and bearish have been battling for control but the bulls have been able to push the price up to the $0.4324 mark at the time of writing. The market looks set to continue its upward trend as the bulls remain in control.
The MACD in line blue is above the signal line in red, indicating that the bulls have the momentum to push the prices higher. The RSI is currently moving in the overbought region, which indicates that the prices are due for a correction. The 50 SMA is currently providing support at $0.4255, and 200-day SMA is currently facing resistance at $0.4348.
Cardano price analysis conclusion
Cardano price analysis is present in a bullish trend as prices have been increasing steadily over the past few hours. However, the traders should be cautious as the prices may consolidate before making another move. The next few days will be crucial in determining the direction of the market. ADA/USD is among the few cryptocurrencies that have shown some stability in the last few days while most others are still struggling to find their footing.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-10-04/