The most recent Cardano price analysis is bullish as the market has turned favorable for buyers today. The price has now started to recover after a considerable decline in the last week. Bears have been dominating the market for the past few weeks as the trend remained downwards, and the cryptocurrency observed continuous losses. The bulls are trying to find their way to recovery, but the bearish lead remains unbeatable. Today, an uptrend was observed once again as the price moved up to a $1.055 lower high.
ADA/USD 1-day price chart: ADA recover to $1.055 as bulls make a return
The 1-day price chart for Cardano price analysis shows the price has increased today, as the cryptocurrency is trading hands at $1.055 at the time of writing. The ADA/USD reports an increase in price value by 2.83 percent over the last 24 hours, but on the contrary, shows a deficit in price value by 26.71 percent over the past week as the trend was downwards during the early days. The trading volume has also dipped by 44.42 percent, but the market cap improved by 2.15 percent in the last 24 hours.
The SMA 50 curve is traveling higher than the SMA 20 curve, yet another indication of the bearish supremacy. Nonetheless, the Bollinger Bands Indicator suggests increasing volatility as it shows the following values for the day; the upper Bollinger band value is now $1.51, whereas the lower Bollinger band value is $0.94 representing the strongest support for ADA. The Relative Strength Index (RSI) trades in the lower half of the neutral zone at index 39, but the indicator’s curve is almost flat, hinting at the bearish pressure.
Cardano price analysis: ADA value improves to $1.055 after an unexpected spike
The 4-hour Cardano price analysis shows the bulls have made a significant comeback today, as the price has made a sudden spike. Although the previous hours were highly supportive for the bears as the price experienced a considerable devaluation, the current scenario is quite the opposite. The situation favors the buyers, as the price moved up to $1.055 in the past few hours. If we discuss its moving average value, then it is trading at a $1.043 position for now.
The volatility decreases because of the constriction between the Bollinger bands, which is due to the lesser price deflections. The upper extreme of the Bollinger Bands Indicator is now at $1.12, whereas its lower extreme is present at $0.98, representing the strongest resistance and support for ADA, respectively. The RSI curve is in the neutral zone as the indicator is hovering at index 44 for now.
The past few weeks have been crucial for the cryptocurrency’s progress, as a constant bearish trend was controlling the market. This is why the technical indicators for ADA/USD are predicting a selling trend. We can see that 15 indicators are on the selling side; two indicators are on the buying while nine indicators are on the neutral side.
Cardano price analysis conclusion
The daily and hourly price predictions for ADA/USD are going in the bullish direction today, as the price has undergone an increase after finding the support. Green candlesticks have returned on the one-day price chart, indicating an upward trend for the market. The market value of ADA/USD is now touching $1.055, but it can be expected that the downtrend will prolong in the future.