Cardano price analysis: ADA gains six percent as price oscillates upwards to $0.592


The Cardano price analysis reveals that bullish momentum is on the go. The price of ADA/USD has increased significantly over the past few days and the bulls are successfully continuing their endeavor today as well. The short-term price trend is upwards if observed after 28 May 2022 as the coin’s value has been continuously improving except for a stronger correction observed on 01 June 2022. The next resistance for ADA is present at $0.625 which is a little above the current price level and the selling pressure may appear as the price nears the said resistance mark.

ADA/USD 1-day price chart: Bullish momentum shows weakness

The 1-day price chart for the Cardano price analysis shows that the price has increased today as bulls are continuing their lead. The coin is trading at $0.592 at the time of writing. The crypto pair also reports a 6.12 percent increase in value over the last 24 hours and an increase in value of 30.92 percent over the past week. But on the other hand, the trading volume has decreased by 24.86 percent, resulting in a market dominance of 1.59 percent.

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ADA/USD 1-day price chart. Source: TradingView

The volatility is mild for the Cardano as the Bollinger bands show the following readings, the upper band is at the $0.626mark representing resistance for the coin and the lower band is at the $0.0.444 mark representing the strongest support level, the mean average of the indicator is at $0.535. The moving average (MA) is also on an upwards curve at $0.534 and soon may cross over the SMA 50 curve which will be a bullish indication.

The relative strength index (RSI) is on the center line of the neutral zone, as it trades at index 50. The RSI is on a slight upwards curve, but the slope is not steep hinting at the weakness in bullish momentum.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis shows that the price function has been on an upward trend for the last 12 hours after correcting shortly for only four hours in between the ongoing bullish trend. Today no bearish hindrance has been observed as the bulls smoothly glid upwards but at a slower pace.

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ADA/USD 4-hour price chart. Source: TradingView

The volatility is also high on the hourly chart, the upper limit of the Bollinger bands is $0.650 and the lower limit is $0.538. The MA is also trading below the current price level on the 4-hour chart. The RSI is trading at a slightly upward curve which looks almost horizontal, this horizontal movement of the indicator hints at a bearish presence at this point as well. However, the curve is upward, hinting at bulls more in power as compared to bears.

The technical indicators for Cardano are mostly neutral with a bearish hint, as the trend was strongly bearish previously but now the bullish momentum has been overwhelming for the past few days. There are seven technical indicators supporting the bullish side and nine indicators supporting the bearish side, while the remaining 10 technical indicators stand neutral out of a total of 26 technical indicators available for Cardano price analysis.

Cardano price analysis conclusion

The Cardano price analysis suggests that the coin is in bullish momentum after yesterday’s move higher, though the RSI curve is getting flat which shows weakness in bullish momentum, however, the price has increased today, and a further improvement in cryptocurrency price is also possible if the bullish sentiment continues.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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