Cardano price analysis shows that the ADA/USD pair is bullish today as the price is trading above the $0.3098 support level with a bullish trend. The price has been in an uptrend since the beginning of today and is now trading at its highest level, which is $0.3297. The resistance level is currently at $0.3338, while the support level is at $0.309. The 24-hour trading volume has also increased and is now at $511 million, while the market capitalization for ADA/USD pair is trading at $11.3 billion.
Cardano price analysis 1-day chart
The one-day Cardano price analysis reveals that the short-term trend is bullish and the price has increased to $0.3298 as the coin gained 5.20 percent value during the last 24 hours. As the trend has been mostly upward during the past week, the coin has gained 10.2 percent of its value over the past seven days.
The Relative Strength Index (RSI) indicator is currently at 52.16 and in the overbought area, indicating that ADA may experience some downward pressure soon. The Bollinger bands show the upper band at $0.3292, representing the resistance for ADA, and the lower band at $0.2172, representing the strongest support for ADA. Moreover, the moving average convergence and divergence (MACD) is above the signal line, which indicates that bulls are in control of the market
ADA/USD.4-hour price chart: Recent updates
The hourly chart for the ADA/USD pair is also in an uptrend and is currently trading at $0.3298. The bullish momentum has been continuous, and the price has been gradually moving upward for the last 4 hours to reach $0.3297 currently. The bears might try to push the price down, but ADA is predicted to find support at $0.3098.
The Moving Average Convergence Divergence (MACD) indicator is also showing a bullish crossover, which could indicate that the bulls have the upper hand in the market. The RSI is currently at the overbought level of 65.20, while the Bollinger Bands are slightly contracting in the bullish direction. The volume is also increasing which indicates strong buying pressure. The Bollinger bands have a wide range right now, with the upper band at $0.3293 and the lower band at $0.3092.
Cardano price analysis conclusion
Overall, Cardano appears to be in a strong uptrend and is likely to continue to increase in price over the coming days. Investor sentiment appears to be bullish and the price is expected to remain above the $0.3297 level in the near term. Therefore, the 1-day and 4-hour charts are in support of this prediction, with the indicators showing bullish momentum and buying pressure. The bulls will try to break past the resistance level at $0.3338, but support remains strong at $0.3098 if the price begins to dip.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-01-12/