Cardano price analysis is bullish today as the price has broken above the $0.377 mark. ADA has shown good progress during the last 24 hours as the bulls have been able to hold the $0.3515 support level and push higher. The digital asset is now trading at $0.377 and the momentum seems to be gathering pace. If ADA can sustain its current price level, then it could potentially target the next major resistance level at $0.3844 in the near term. ADA/USD also reports an increase in price value by 0.92 percent during the last 24 hours, with a 24-hour trading volume of $572 million and a market cap of $13.09 billion.
Polkadot price analysis 1-day chart
The 1-day Polkadot price analysis shows that the bullish momentum is strong, and a further price increase is likely. The price has broken above the $0.375 mark and is currently trading at around $0.377, with an increase of 0.92 percent over the last 24 hours. The bulls have been able to hold the $0.3515 support level and have now pushed the price to a peak of $0.377. The next major resistance for ADA/USD is located at the $0.3844 mark, and if the price is able to break above that level, then it could potentially target the $0.377 mark in the near term.
The relative strength index (RSI) on a 1-day chart is moving in the upper half of the neutral zone with much more room for further bullish practice as the indicator trades at index 58.10. In addition, the MACD also shows a bullish crossover, which suggests that the bullish momentum is likely to continue. However, the moving average is currently above the price action of ADA, indicating that the uptrend could continue in the coming hours.
ADA/USD 4-hour price chart: Latest development
Looking at the hourly Cardano price chart shows that bulls have gained momentum over the previous hours as the ADA has been moving in a strong uptrend, reaching the $0.3844 resistance level. As long as the price of ADA remains over this resistance level, there is potential for further rallies, and we could see Cardano hit the $0.3844 resistance mark soon.
The MA is above the price action and is currently sitting at $0.369, which shows that the uptrend could still be in play for some time. The histogram on moving average convergence and divergence (MACD) is green in color, as also the signal line is above the MACD line and indicates positive signs for Cardano. The relative strength index (RSI) has also moved into overbought territory, indicating that the buyers are in control of the market and that we could see further gains in the near future.
Cardano price analysis conclusion
Overall, it looks like the bulls are in control and that ADA/USD could potentially target new highs in the near future. The market outlook for Cardano looks positive, as bulls are in control of the market and could potentially push the price to new highs. Therefore, traders and investors should keep an eye on the market for potential trading opportunities.
