The recent Cardano price analysis predicts a bullish trend for the day as the price spikes high again. Chances of a further increase in cryptocurrency value are there as bulls have made a strong comeback. Although the price dropped to a crucial level until 12 July 2022, today’s market trend has turned in favor of the bulls. A rise in ADA/USD value has been detected, as the price has recovered up to $0.470 after the bullish efforts seen today. However, the price is nearing the next resistance point, where selling pressure might show up again.
ADA/USD 1-day price chart: ADA gained 2.80 percent in less than eight hours
The one-day Cardano price analysis confirms an upward price movement for the day, as the bulls have returned to the price chart again after yesterday’s correction. Although the ADA value underwent a severe decline in the past week, the trend line remained upwards during this week. The coin is trading hands at $0.470 at the time of writing as it has gained 2.80 percent value during the last 24 hours, and the coin also shows an increase of 4.50 percent in value for the past week. The moving average (MA) value is going at $0.445 for now, and the SMA 20 curve is still trading below the SMA 50 curve, which is present at $0.455.
The volatility in the one-day price chart is low, which means that the price fluctuations might remain low as well. The upper Bollinger band shows a $0.485 value representing the strongest resistance, whereas the lower Bollinger band dictates $0.425 representing the strongest support. The Relative Strength Index (RSI) score has reached the center of the neutral zone at index 50 today, indicating the buying activity in the market by its steep upwards curve.
Cardano price analysis: Recent developments and further technical indications
The four-hour Cardano price analysis confirms that the price action is strongly bullish as the market has followed an upwards trend for the past 12 hours. A considerable rise in buying activity has been observed today, as the price increased up to $0.470. Further recovery in ADA/USD value is to follow if the bulls continue making their progress. If we move ahead and discuss the moving average, then its value is settled at the $0.455 marker, below the price level.
On the other hand, the volatility has increased, and the upper Bollinger band is now settled at the $0.466 position, and the price has shooted past the upper band, whereas the lower Bollinger band is at the $0.428 position. The RSI curve is moving ascendingly as well, and the score has enhanced up to index 66 near the border of the overbought region; the curve is still moving upwards, hinting at the buying activity.
Cardano price analysis conclusion
The daily and the hourly Cardano price analysis confirms a good recovery in the coin value today. This is quite encouraging news for the buyers, as the price underwent a substantial increase. The bulls have taken the price up to $0.470 high in a swift move from the level of $0.445 after making a return in the last 24 hours, and the hourly price chart is showing promising results as well. We expect ADA to continue upside for today.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-18/