The latest Cardano price analysis is giving bullish hints as it shows that the price has undergone revival once again, and the green candlestick reappeared on the daily chart. The price experienced a constant downfall in the prior weeks as a downtrend was at its peak. Nevertheless, the bulls are trying to reinstated their momentum today, as the price function has also been showing some signs of recovery. The price might top its current position in the upcoming hours as well.
ADA/USD 1-day price chart: Bullish attempts uplift price to $0.457
The one-day Cardano price analysis is confirming an upturn in price as the bulls have been able to find their way to recovery. The ADA/USD value has been revived once again as the coin is trading at $0.457 at the time of writing, while still at a loss of 1.79 percent if observed over the last 24 hours. The bears had been leading the market in the previous week and yesterday as well, which is why the coin reports a loss of 3.24 for the past seven days. But now, the bullish momentum is resurging as the cryptocurrency’s price has started to recover, but the trading volume is still down by 6.26 percent.
The moving average indicator (MA) is showing its value at $0.459 above the price level in the one-day price chart. The SMA 20 is still trading below SMA 50, which shows bearish pressure on the coin’s price function. The volatility is also low, with the upper Bollinger band present at the $0.503 mark representing the resistance, whereas the lower Bollinger band is present at the $0.440 mark representing the support. The Relative Strength Index (RSI) indicator is not showing any signs of change in market sentiment as it hovers at index 42 with almost a straight curve.
Cardano price analysis: Recent developments and further technical indications
The four hours Cardano price analysis confirms that a bullish trend has been reinstated just four hours back, following for the last 32 hours. The price breakout was downwards today, and bears got a kickstart, but soon bulls intervened and denied further downside. The price has recovered up to $0.457, and bulls are striving to shift the trend in their favor, in which they seem successful up till now. The moving average value in the four hours price chart stands at $0.458.
The Bollinger bands indicator is dictating an average of $0.455, showing low volatility. Whereas its upper value is resting at $0.469 position and the lower value is at 0.441 position. The RSI score has improved up to index 50 as well because of the recent support that arrived.
Cardano price analysis: Conclusion
The one-day and four hours Cardano price analysis is showing signs of bullish recovery as the price heightened up to $0.457 in the last four hours. The price underwent a constant decline in the previous weeks, except for a few instances where bulls tried to uplift it; today, bulls are again trying to revive their momentum. The price will pursue further heights in the upcoming hours if the buyers’ support remains persistent.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-06/