Today’s Cardano price analysis shows a bullish market sentiment, as the coin is up by 1.45 percent and is currently trading around $0.3885. The bulls have taken the lead as the digital asset opened today’s session on a lower note at the $0.3800 level and since then, ADA has been on an upward trajectory.
At the time of writing, resistance for the pair is present at $0.3961 and if this level is not breached, there are chances that bulls may take a break from their current rally. On the downside, support for ADA/USD lies at $0.3790 and any significant break below this level could send the cryptocurrency into bearish territory.
Looking ahead, the market cap of Cardano is currently at $13.5 billion, and if the bulls are able to maintain their momentum, a further bullish rise in the price of ADA is expected. Additionally, the trading volume has seen a rise too as it currently stands at $233,951,149 having gained over 1.98% which is indicative of an increase in market demand.
Cardano price analysis daily chart: Buying pressure push ADA/USD above $0.3900
The daily chart for the Cardano price analysis indicates a strong presence of bulls in the market as the price has been forming higher highs and higher lows. The pair broke out from a descending triangle pattern, which is usually considered to be bullish, and currently appears to be heading toward its resistance level at $0.3961. The moving average with a value of 0.3974 is above the current price suggesting that the trend is bullish.
The technical indicators in this timeframe display a bullish reversal in the market as the Relative Strength Index (RSI) indicator is trading above 40 indexes after a bullish crossover, and the Moving Average Convergence Divergence (MACD) indicator is currently in negative territory showing a selling pressure in the market. The buyers need to maintain their momentum and push the pair above the resistance level at $0.3961 for ADA/USD to continue its bull run.
Cardano price analysis 4-hour chart: Latest developments
On the hourly chart, Cardano price analysis shows an upswing in the market as the coin broke out from an ascending triangle pattern, which is usually considered to be bullish. The price is currently trading above its moving average with a value of $0.3883 and is heading toward its resistance level at $0.3961.
The Moving Average Convergence Divergence (MACD) confirms the bullish sentiment in this timeframe as the MACD line has crossed above the signal line and is currently in positive territory. Additionally, the Relative Strength Index (RSI) indicator is trading above 46.70 after a bullish trend which confirms that buying pressure is higher than selling pressure.
Cardano price analysis conclusion
Overall, Cardano’s price analysis shows that the digital asset is heading toward its resistance level at $0.3961 and could break out if buyers manage to maintain their momentum. Additionally, technical indicators on the hourly chart confirm that buying pressure is high which bodes well for the bulls. If the resistance is breached, there are chances that ADA/USD could move higher toward $0.4100 levels.
