The Cardano price analysis for today is bullish. The ADA/USD was under bearish pressure as bears decreased the price down to $0.469 during the last week, as the bears were ruling the market. But the situation changed a few days back when ADA started recovering, however, another correction was observed yesterday, today ADA found support and is covering the range upwards again, and the price has been recovered up to $0.582, which is a good achievement in the current market conditions. The next resistance for ADA is present at $0.595, where selling pressure is expected to come in again.
ADA/USD 1-day price chart: ADA initiates the recovery process again
The 24 hours Cardano price analysis shows an increase in price today. ADA has gained 4.88 percent value during the last 24 hours, as the coin is trading hands at $0.582 at the time of writing. On the other hand, ADA is at a loss of 14.7 percent over the entire last week. Generally, the entire month proved unfruitful for the crypto asset as it saw a substantial loss with very few increments in coin value. However, a recovery process has also been initiated in the last few days and today’s trend is also upwards. The trading volume has decreased by 13.3 percent over the last day, which has resulted in a market dominance of 1.51 percent.
The volatility has been high, and the Bollinger bands are expanded, with the upper band present at the $0.936 mark, representing the resistance, and the lower band present at the $0.437 mark representing the support. The average of Bollinger bands is at the $9.32 level. The moving average (MA) is at the $0.557 mark below the SMA 50. The relative strength index (RSI) is trading in the lower half of the neutral zone at index 38 but is now on an upward trend.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows bulls are in power from the start of the day, and no interference from the bearish side is observed today. The last four hours also show bullish activity as the price has recovered up to $0.582 just recently.
The volatility is comparatively on the higher side. The Bollinger bands’ values are as follows; the upper band is at the $0.601 mark, and the lower band is at the $0.496 mark. Bollinger bands are making an average at the $0.549 mark below the price level. The moving average is trading at $0.568 and the price has crossed above the MA level. The relative strength index (RSI) is present at index 55 in the neutral range and the curve is upwards.
Cardano price analysis conclusion
The 1-day and 4-hours Cardano price analysis is indicating bullish signs for the cryptocurrency, as overall, the crypto market is recovering today and ADA/USD is also following the trend. We expect the cryptocurrency to continue upside for the next 24 hours to retest the $0.595 resistance.
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-2022-05-17/