TL;DR Breakdown
- Cardano price analysis shows an uptrend.
- Resistance for ADA/USD is present at $1.061.
- Support is present for ADA at $0.097.
The recent Cardano price analysis predicts a bullish trend for the day as the chances of a further increase in price are there once again. Although the price dropped to a crucial level up till yesterday, today’s market trend is turning in favor of the bulls. A slight rise in ADA/USD value has been detected, as the price has been recovered up to $1.013 after the bullish efforts seen today.
ADA/USD 1-day price chart: Bullish trend initiates price recovery above $1.013 stand
The one-day Cardano price analysis is confirming an upward price movement for the day, as the bulls have made a comeback on the price chart again after continuous defeat. Although the ADA value underwent a severe decline in the past week, today’s market trend supports buyers. The price is now at $1.013 position as the green candlestick has returned. The moving average (MA) value is still relatively high, i.e., $1.050.
The volatility in the one-day price chart is slowly increasing, which means that the price fluctuations might increase in the next few weeks. The upper Bollinger band shows $1.210 of value representing the strongest resistance, whereas the lower Bollinger band dictates $0.971 representing the strongest support. The Relative Strength Index (RSI) score has grown up to index 41 today as it hints at the buying activity in the market.
Cardano price analysis: Recent developments and further technical indications
The four-hour Cardano price analysis confirms that the price action is headed upwards as the market has followed a bullish trend for the past few hours. A considerable rise in buying activity has been observed today, as the price increased up to $1.013. Further recovery in ADA/USD value is to follow if the bulls continue making their progress, as the next resistance is still far above at $1.061 fur ADA bulls to encounter. If we move ahead and discuss the moving average, then its value is at the $1.014 marker, just a point above the price level.
On the other hand, the volatility has increased, and the upper Bollinger band is now settled at the $1.115 position, whereas the lower Bollinger band is at the $0.976 position. The RSI curve is moving ascendingly as well, and the score has enhanced up to index 39, but the curve has flattened up, which hints at a slow down in the buying activity.
Cardano price analysis conclusion
The daily and the hourly Cardano price analysis confirms a slight recovery in the coin value today. This is quite encouraging news for the buyers, as the price underwent a substantial decline in the past few days. The bulls have taken the price up to $1.013 high after making a return in the last 24-hours. The hourly price chart is showing promising results as well as a bullish trend has been observed. However, the RSI curve on the four-hour chart shows a slow down in the buying activity, so we assume ADA/USD to correct for a few hours before continuing further upside later today.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-02-19/