Cardano price analysis is mostly bullish today as the price has gone up to $0.477 from yesterday’s closing of $0.463. This also applies to the rest of the crypto market, as Bitcoin has increased by 1.34 percent, and Ethereum’s price has increased by 2.59 percent.
The market is surely pumping today, and the bullish momentum seems to be very strong. But for how long can this momentum last? And will Cardano manage to retrace back to yesterday’s high of $0.51?
If we look at the Cardano price analysis 1-day chart, we can see that the RSI is very balanced right now. So, there is a good chance that bulls have not been exhausted yet. However, the MACD shows that the strength of the histograms is slowly decreasing. This might not be a good sign.
But since the overall sentiment of the market is very positive today, Cardano can surely pump back to $0.51 and test it again in the next few hours.
Cardano 24-hour price movement: are the bulls losing momentum?
The RSI levels on the hourly Cardano price analysis are higher than the daily chart. We can see that Cardano has retraced to 0.476 after a sharp dip from $0.496 yesterday. It reached its lowest point today at $0.454 before a positive rally began.
However, it looks like the positive rally might slowly be losing its momentum. The market in the short-term is slightly more overbought, and the histograms on the MACD indicator are losing their strength.
The trading volume of Cardano has gone down by 29.87 percent, which suggests that more people are holding. At the same time, the market cap has increased by 1.99 percent. This sets the volume-to-market cap ratio at 0.04237.
4-hour Cardano price analysis: Is it possible to retrace to $0.51?
The 4-hour Cardano price analysis paints a relatively more positive picture. We can see that the RSI is still very balanced. Despite the histograms being in the reds, their strength is slowly reducing, suggesting some positive price action. The market’s sentiment is currently positive and is expected to be positive for the next few hours to come.
However, since Cardano has already had a rally upwards, it is expected to consolidate sideways for the most part in the next 24 hours before determining a more determined course. Of course, like always, it will depend on the overall market’s sentiments.
Cardano price analysis: Conclusion
Cardano price analysis is bullish today, and the market has had its short run upwards. In the short term, the bulls might be getting exhausted now. Over the next 24 hours, the market is expected to consolidate sideways before pumping up or dipping again.
While the entire crypto market is pumping today, the macro conditions still have not improved significantly. So, it is not reasonable to expect a major pump. To learn about the overall macro-condition of the market, read our other price predictions today!
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-2022-09-07/