TL;DR Breakdown
- The Cardano price analysis is bearish.
- Resistance for ADA/USD is present at $0.861.
- Support is present for ADA at $0.802.
The Cardano price analysis shows an increasing trend for the coin today, as the bulls continued the recovery process they initiated yesterday. The bulls have shown stability, as the market has been consistently following a bullish trend since yesterday. Today, a further increase in coin value was detected as well as the price surpassed $0.846 top. There are high chances that the current bullish trend will intensify in the upcoming week. On the other hand, the resistance has also appeared as the price has slightly decreased again in the last hour.
ADA/USD 1-day price chart: ADA price to cross the 50-day simple moving average
The one-day Cardano price analysis predicts a bullish trend for the day, as the bulls have been ruling the price chart for the past 24 hours. The coin value is growing at a modest pace, as the market has been consistently following an increasing trend. The ADA/USD value is now standing at a $0.864 high, and a further increase is possible if the bullish trend aggravates further. The moving average (MA) value is at the $0.812 level for now below the price level.
The volatility is high for ADA, indicating that further upturn in price is possible in the future. If we talk about the Bollinger bands indicator, the upper band is standing at $0.959 point, whereas the lower band is present at $0.735 level. The Relative Strength Index (RSI) score has improved because of the recent bullish wave, reaching index 45.
Cardano price analysis: Recent developments and further technical indications
The hourly Cardano price analysis is going in favor of bulls, as the price followed a bullish trend at the start of the trading session, but bears have also returned, and the price has been correcting for the last hour. However, the balance of power is still on the bullish side. The short-term trending line is moving upwards, indicating that the bulls have successfully overpowered the bears. Currently, the cryptocurrency value is standing at $0.846 after the latest correction, but it is expected to heighten further in the approaching hours if the bullish support appears again.
The moving average value is now lower than the coin value, i.e., $0.821. A cross-over between the SMA 20 curve and the SMA 50 curve was also being recorded yesterday due to the rise in price. Whereas the Bollinger bands indicator shows the following values; the upper value is at $0.844, while the lower value is at $0.772; interestingly, the price is trading above the upper band. The RSI score has slightly decreased up to index 66.
Cardano price analysis conclusion
The given hourly and daily Cardano price analysis shows strong support for the buyers because of the price rise. The market has been following an upward trend for the past week, and today a considerable amount of improvement in coin value was observed once again, and chances of further growth seem possible.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-03-17/