Cardano price analysis is barely up by 1 percent today. The crypto asset’s price has largely been consolidating around current levels on the daily chart. Cardano recently found some support at $0.424, the bottom of a descending parallel channel. ADA/USD bulls pushed prices up to test the resistance at $0.46 but failed to sustain higher levels, and prices retraced. Currently, the price is trading at $0.458 and looks poised for further upside in the near term.
Cardano price movement in the last 24 hours: ADA/USD trades in a tight range
The price of ADA/USD has been ranging between $0.450 and $0.466 since yesterday, suggesting little volatility over the previous 24 hours as per Cardano price analysis. Trading volume is down 8.89 percent to $661 million, putting ADA in 7th position among all cryptocurrencies by market cap.
The Bollinger Bands on the daily Cardano price analysis chart now give mixed signals. The upper and lower Bollinger bands have converged, and prices are trading between them. This indicates that there is not much volatility in the market at the moment and that prices are likely to remain range-bound for the time being.
ADA/USD 4-hour chart: Recent price developments
On the 4-hour chart, we can see that Cardano bulls have been trying to push prices higher but have so far been unsuccessful. Prices recently made a higher high at $0.466 but were quickly rejected and have since pulled back.
Prices are currently trading just above the $0.45 level. If prices can hold above this level, further upside is possible in the short term. However, further downside is likely if prices break below this level, with support levels at $0.424 and $0.40.
The Relative Strength Index (RSI) is currently just below the 50 level, indicating that the market is neither overbought nor oversold. However, the Moving Average Convergence Divergence (MACD) shows increasing bullish momentum.
On the 4-hour chart, the 50-day SMA is just below the 200-day SMA, indicating that the short-term trend is bearish. However, the moving averages are close to each other, so a change in trend could happen soon.
Overall, the outlook for Cardano remains bullish in the near term, with support at $0.45. A break below this level could see prices pull back to test the $0.424 level. On the upside, a break above $0.46 could increase prices to $0.526.
Cardano price analysis: Conclusion
If ADA/USD can hold above $0.424, we may see a move towards $0.526 in the near term. However, if prices break below this level, further downside is possible with support levels at $0.40 and $0.37.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-17/