Cardano price analysis: ADA breaks above $0.86. Will the bullish momentum continue?

TL;DR Breakdown

  • Cardano price analysis shows an uptrend.
  • Resistance for ADA/USD is present at $0.904.
  • Support is present for ADA at $0.798.

The Cardano price analysis reveals ADA/USD is in bullish momentum. The price has been continuously rising for the second day now. The bullish momentum has helped the cryptocurrency in gaining significant value, as the price has been rescued from sinking further down. Support for ADA/USD is present at $0.798; in contrast, resistance is found at $0.904. However, the upwards price function has been quite beneficial for buyers as a significant increase in price has been observed in the last four hours.

ADA/USD 1-day price chart: Bullish trend initiates price recovery above $0.86 stand

The 1-day price chart for Cardano price analysis shows an increase in price. The ADA is trading hands at $0.836 at the time of writing. The crypto pair gained a value of $5.36 over the last 24 hours but has been at a loss in value of 12.38 percent over the past week. The trading volume has decreased by 2.49 percent, but the market cap has increased by 5.12 percent resulting in the market dominance of 1.54 percent.

Cardano price analysis: ADA breaks above $0.86. Will the bullish momentum continue? 1
ADA/USD 1-day price chart. Source: TradingView

The volatility for ADA/USD is high, but now the Bollinger bands are slowly converging with the upper limit of the Bollinger bands present at the $1 mark, and the lower band is present at the $0.770 mark representing the support for ADA/USD. The mean average forming at $0.888 represents resistance for ADA.

The relative strength index (RSI) is trading in the lower half of the neutral zone at index 39 but on a steep upwards slope. The indicator shows a very a progression in buying activity.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis shows bears have been outpowered by bulls, and the price level has seen a steady upwards motion, especially at the start of the trading session, and has been upwards for the last four hours as well. A few correction phases were observed yesterday, but today the trend is in favor of buyers, and price levels have increased prominently.

Cardano price analysis: ADA breaks above $0.86. Will the bullish momentum continue? 2
ADA/USD 4-hour price chart. Source: TradingView

The volatility is also high on the 4-hour chart as the Bollinger bands are expanded apart, indicating more price movement for the coming hours. The upper band is at $0.859, representing resistance for ADA, and the lower band is at the $0.779 mark, making an average of $0.819. The average of the Bollinger bands is below the price level, indicating support for the ADA/USD pair. The RSI is at index 51 in the neutral zone, and its upwards movement hints at a buying activity overtaking the market.

Cardano price analysis conclusion

The Cardano price analysis shows the coin rallied high at the start and is upside now. Bulls have shown aggressive strength today, and we expect ADA to continue upside for the next 24 hours if the buying spirit keeps trending.

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