Cardano price analysis: Cardano bounces back to $0.5 as bullish momentum builds

The Cardano price analysis shows the price of Cardano fluctuating between $0.4826 and $0.5122. The pattern has continued for a couple of days, indicating price consolidation on the 1 day and four-hour charts, respectively. Although the bears appeared to be winning, the bulls have taken control today as the Cardano trading price appears to increase on the 1-hour chart as well as the 4-hour chart, making a clear instance of a bullish trend. 

The bullish momentum is building up today steadily as there are significant indications that the newly established resistance level at $0.506 could be broken, and Cardano’s price could begin to rally to new higher highs during the day a solid support level has been established to propel the bulls moving forward.  

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ADA/USDT Trading pair; 4-hour price chart: 3.15% percent price increase recorded

Within the past 24 hours, the Cardano price analysis shows the token price has increased by 3.15%, which translates to about $0.0159 per token price increase. The current price of Cardano is $0.5045. Its 24 hours highs and lows range between a minimum trading value of a maximum price of  $0.48 and $0.51. The trading volume is up by 1.59%; however, due to the price increase, its market cap has increased by 3.25% within the past 24 hours. 

There is evident price consolidation on the four-hour chart below; however, the short bullish momentum is building up and could certainly break through the established resistance level. By applying the 30-day and 10-day moving averages to the four-hour chart, it is evident that the bulls are winning today, and the trend may continue for prolonged periods. 

Cardano Price Analysis, 4-hour chart, Courtesy of TradingView

Cardano price analysis: Recent developments and further technical indications

The Cardano price analysis has shown that ADA/USDT pair is still undergoing a major price consolidation process, and the bullish trend predicted above is glaringly weak. The current price of the Cardano token could take any direction; looking at the Bollinger bands; the gap is increasingly becoming wider, indicating a potentially highly volatile market previously evidenced by the significant increase in trading volume. Based current upward trend, it is highly likely that the high volatility will cause positive price gains, reinforcing the bullish trend. 

Cardano Price Analysis, 1-day chart, Courtesy of TradingView

Cardano price analysis: Conclusion

Based on the analysis, the ADA/USDT pair is clearly forming a pattern as the price keeps oscillating between the $0.48 and $0.51 range. Based on the current price, the upward price movement is expected to continue at least until it hits the resistance level. From there, it is expected that the Cardano price will experience significant resistance to force the price to retrace. However, the general daily prediction remains bullish for the Cardano token due to the strong support level previously established. The ADA/USDT pair, therefore, provides a fantastic trading opportunity for day traders today.

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