The current Cardano price analysis is leading in a bullish direction. However, the price underwent a decline at the start of the week and decreased to the $0.437 level on 21 September 2022 as the bears were dominating the market. Before that, bulls have been in the lead as the price last peaked at $0.485 on 10 September 2022. Still, the chances are available for the buyers as, overall, a bullish trend has been following for the last three days, and the price has increased even today and has reached the $0.463 level. According to the four hours price analysis, the price is still going up, which is good news.
ADA/USD 1-day price chart: Bulls feel the exhaustion
The one-day chart for Cardano price analysis is predicting a rise in price as the bulls are carrying on their lead to recover the price value. The price has moved up to the $0.463 level today, which is encouraging for the buyers as the coin price is going up. On the other hand, the past week was highly unfavorable for them as the coin was still at a loss of 2.73 percent for the past week. The moving average (MA) value is standing on the $0.458 mark, below the current price, as the dominating trend for today has been bullish.
The volatility has been mild, and we can presume that the future trends may be in the bullish direction. The Bollinger band values have shifted as well as now the upper band is positioned at $0.0.517, representing the resistance, and the lower value has been maintained at $0.430. Lastly, the Relative Strength Index (RSI) score has moved up to index 47 as well, which is still a neutral number, and the curve of the indicator is flattening out, hinting at the slowdown in buying activity in the market.
Cardano price analysis: Recent developments and further technical indications
The bulls have taken advantage of the situation as the price increased once again in the last couple of hours. The 4-hour Cardano price analysis shows signs of bullish activity resuming back as the price levels increased to $0.462. The moving average value, on the other side, is trading below the price level, which is present at $0.460 because of the uptrend that has been observed during the last few days.
The volatility has been slightly high during the past four hours, which is why the Bollinger bands average is now at $0.454. The upper Bollinger band value, on the other hand, is now $0.471 while the lower value is $0.437; the price is trading between the upper band and the mean average of the indicator. The RSI score is in the neutral range as the indicator is hovering at index 53 above the center line.
Cardano price analysis conclusion
The one-day and four hours Cardano price analysis predicts that the price has increased due to the bullish up move of today. The price has been uplifted in the last 12 hours, which means that there is a strict chance of the bulls continuing their lead in the future. The cryptocurrency price is now at $0.462, which is a comparatively stable position. We expect the cryptocurrency to continue moving upwards for today; however, the bulls seem to be exhausting up, and a correction might also come in.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-09-24/