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TL;DR Breakdown

  • Cardano price analysis shows an uptrend.
  • Resistance for ADA/USD is present at $0.821.
  • Support is present for ADA at $0.749.
The Cardano price analysis shows the Bulls are maintaining their momentum, as today, again, an increase in price has been observed. The price breakup was upwards at the start of today’s session, but the price oscillation has been slow since yesterday. Currently, the price is going down again as the bearish pressure seems to be there as well as bears have regained control over the price function and reversed the recovery process initiated by bulls. The price is trading at $0.796 after today’s uplift. As can be seen, the increase is minimal, which hints at the lack of momentum from the bullish side.

ADA/USD 1-day price chart: Bullish need more push

The 1-day price analysis for Cardano price analysis predicts an increase in the coin’s price. The bulls are struggling to strengthen their position to control the price function and back-pedal the bearish losses of the last week. The ADA/USD price is on the upper side from yesterday and is present at $0.796 as of now. However, the gains are small, and bulls need more push to make a breakthrough.

Cardano price analysis: ADA recovers to $0.796. Lower high set? 1
ADA/USD 1-day price chart. Source: TradingView

The volatility is increasing as the Bollinger bands show divergence with the upper band at the $0.968 mark representing the strongest resistance and the lower band at the $0.749 mark representing the support, with the mean line taking place at the $0.812 mark, above the price level.

The relative strength index (RSI) is neutral but shows an almost straight horizontal movement due to the slow oscillation of price. The indicator is trading at index 39, which though neutral, the score is towards the lower side.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows the price is oscillating around a base of $0.796, as selling pressure exists above the current price level as the price is currently decreasing, and yet bulls haven’t gathered the strength to break through this resistance, and buyers support is also present below this level.

Cardano price analysis: ADA recovers to $0.796. Lower high set? 2
ADA/USD 4-hour price chart. Source: TradingView

The Bollinger bands are converging steeply, indicating a sharp decrease in volatility, which is another reason for less price movement, the average mean line of the Bollinger bands is present above the price level on the 4-hour chart. The indicator shows a bearish outlook on the hourly chart. The RSI is still neutral and is present at index 44, which is an acceptable score, but the curve is slightly downwards.

Cardano price analysis conclusion

The Cardano price analysis suggests the bulls need more support to uplift the price above $0.798. Though bulls showed some momentum at the start of the trading session, currently, the price function is under bearish pressure. Traders should not expect a breakthrough in the coming hours on either side of the current price level; thus, no significant profits but no huge losses can be expected from ADA/USD for the next 24 hours. However, exceptions are there, and the crypto market usually has surprises to show at unusual times.

Source: www.cryptopolitan.com

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