The latest Cardano price analysis shows a very minimal rise in the price levels. The bulls have blocked the bearish momentum from bringing the price down further and have caused an increase in the price up to $0.499.
The past few hours have seen an increase in the price as the bullish momentum has been overpowering the cryptocurrency. The price can break the resistance at $0.516 if bullish momentum intensifies in the future.
ADA/USD 1-day price chart: Cryptocurrency faces bullish upturn after a consistent bearish strike
The 1-day Cardano price analysis is dictating a subtle shift in the market trends, as the bulls are struggling to leave an impact after a bearish trend. The bulls have been able to cause little difference in the price, as it has reached the $0.499 level after gaining 2.84 percent value during the last 24 hours.
The price level is far above the Moving Average (MA), which is standing at $0.476. The volatility is increasing at a slow pace, which is helping the conditions a little as well.
The volatility indicator, the Bollinger bands, whose upper band is standing at $0.514, represents the strongest resistance, and the lower band at $0.415 represents the strongest support. The Relative Strength Index (RSI) score has increased a bit and reached an index of 55, as the past week has also experienced bullish retraces.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows a significant increase in price after the bears had taken the price down at the start of the trading session. The bullish momentum has been considerable, and the coin value has improved to $0.499.
This is a great start from the bullish side, as they have equaled the loss made by bears, and now they are targetting higher positions. The moving average value is present at $0.490. The volatility is high, which means that the dominating trend will slowly intensify in the future.
The 4-hour price chart shows us the Bollinger bands indicator values, with the upper value currently settling at $0.533 and its lower value set at $0.466. The RSI score, on the other hand, has also increased to index 54 as its curve is now moving in the upward direction, hinting at the buying activity in the market.
Cardano price analysis conclusion
The given 1-day and 4-hour Cardano price analyses are giving a positive signal for the buyers. It can be expected that a more positive trend will follow in the future as the price is much more likely to go beyond $0.500. The momentum is expected to grow further, which will be encouraging as the coin has been recovering well during the past week.
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-2022-07-22/