Cardano price analysis is favoring the bullish side today as more buying activity has been observed during the last 24 hours. The price has increased to the level of $0.512 consequently as the bulls regained their strength after the strong correction noted yesterday. The bulls are still reigning the price function after a momentary gap as the bears were attempting to make a comeback. On the other hand, the price has decreased in the last 4-hours, yet, the general trend observed has been largely bullish for today.
ADA/USD 1-day price chart: bears hinder the recovery process
The 1-day Cardano price analysis is showing a bullish trend as the price has undergone improvement during the day. The price has recovered to the $0.512 level, as bulls ruled at the start of the day. Although there have been bearish sequences as well during the last week, the bears have still been able to maintain their lead. The moving average (MA) value is still at a higher position, i.e., $0.533 because of the previous bearish trend.
The volatility has been high during the day which could be taken as a positive indication for the future. The Bollinger bands, on the other hand, are showing their upper band at the $0.906 position, representing the resistance, and the lower band at the $0.403 position, representing the support. The Relative Strength Index (RSI) score has slightly increased to index 34 as well.
Cardano price analysis: Recent developments and further technical indications
The 4-hours Cardano price analysis is showing signs of bearish activity as the price has followed a downward trend for the last eight hours, however, the price is still above yesterday’s price cap as it has increased up to $0.512. Although the day has been in the favor of the bears, for the most part, the bulls have succeeded in saving the price momentarily.
The moving average value is still trading above the current price, i.e., at $0.531 because of the drop in price earlier. Whereas the Bollinger bands average is trading at the $0.550 position at the same time.
The volatility has increased during the last 4-hours which is why the upper Bollinger band is now present at the $0.597 point whereas the lower band is settled at $0.503. The RSI has been hovering at index 39 as bears also lack momentum but have stopped the bullish progress.
Cardano price analysis conclusion
The 1-day and 4-hours Cardano price analysis is giving bullish signals for the day as the price has increased to the $0.512 level. Although there has been seen some decrease in the cryptocurrency price during the past four hours, the overall trend that has been observed has been bullish, further chances of recovery can be expected in the coming hours if bulls gain momentum again.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-05-19/