Cardano price analysis shows a bullish trend in the crypto market. The price of ADA has been trading above $0.370 for the past few 24 hours, with the bulls taking control of the market. The market sentiment for Cardano has been turning positive recently, which signals a bullish potential for ADA. It appears that the buyers are taking charge and are pushing the price upwards.
The bulls have been trying to break above the resistance at the $0.387 level for some time now, but they have not yet been successful in doing so. The resistance is proving to be tough for them, and it will take more effort from buyers to push the prices higher from here. If ADA manages to break through this resistance level, the price could push higher toward $0.4 and beyond.
On the other hand, there is strong support for Cardano at the $0.3391 level, which will likely prevent any steep drops in the near term. If ADA fails to break above resistance at $0.387, it may see a decline back to this support level. A break below this level may cause the price to drop further, especially if the market sentiment turns bearish.
At the time of writing, Cardano is trading at $0.3739, with a strong surge of more than 6% in the past 24 hours. The 24-hour trading volume is around $903 million, with a more than 168.94 percent increase. The market capitalization of Cardano is around $13 billion, making it the 7th largest cryptocurrency in the world.
Cardano price analysis daily chart: ADA surpasses hurdles to reach $0.3739
The 1-day price chart showing Cardano price analysis is going highly supportive for bulls. The bulls have regained momentum, and the bulls continue to fight to reestablish their supremacy. The price levels have reached $0.3739, which is appreciable progress as compared to the bearish trends that followed in the past week. The moving average (MA) has also crossed over, which is a strong indication of rising bullish momentum.
The MACD oscillator indicator is strongly bullish, as exhibited by the green color of the histogram. As the bullish momentum is on the rise for Cardano, the bars of the histogram are increasing in size. The MACD indicator shows a bullish momentum that continued after the signal line crossed the MACD line from below.
The Relative Strength Index (RSI) is at 58.48 and shows an overbought condition for Cardano, which means that the buying pressure may be high for the coin. The buyers are trying to increase their positions in Polkadot, as the price is appreciating quickly.
Cardano price analysis: ADA shows bullish strength after returning to $0.3739
The 4-hour Cardano price analysis shows a good rise in price today. Despite the price levels breaking downwards, the bulls were able to overcome the bearish struggle and take the lead after the break. The buyers have been trying to establish their dominance in the market by pushing the price higher.
The Moving average indicator on the 4-hour chart shows a bullish crossover, which is an indication of increased buying pressure in the market. The MACD indicator also shows a bullish pattern as the MACD line has crossed over the signal line from below. This indicates that the buyers are buying ADA with good momentum. The Relative Strength Index (RSI) for Cardano stands at 66.34 and is showing a neutral condition, which means that the buying pressure may be relatively high.
Cardano price analysis conclusion
Overall, Cardano price analysis has shown a positive trend in the past few days and looks set to continue this bullish trend in the near future. Despite some resistance from the bears, ADA has managed to maintain its position above $0.370, indicating strong buying pressure. If the buyers manage to push the prices higher, ADA could reach its next resistance level of $0.387 soon.
