Cardano price analysis: ADA 6.3 percent as bullish momentum extends to $2.23

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • The next resistance is found at $2.28.
  • Support is found at $2.18 for ADA/USD.

The Cardano price analysis shows the price has increased consecutively for the second day. The bullish momentum has helped the price level to rise to $2.23. Cardano was on the decline during the past week when the price dropped from $2.21 to $2.10, but the current bullish momentum has brought the price up to the level of recovering the entire week’s losses, even surpassing them. The next resistance for ADA/USD is present at $2.28, as the bulls are moving ahead towards a further higher position.

ADA/USD 1-day price chart: Price is moving higher as bulls dominate the market

The 1-day price chart for Cardano price analysis shows bulls have covered an upwards range from $2.20 to $2.23, as the ADA/USD pair is trading at the later value at the time of writing, gaining a value of 6.18 percent over the last 24 hours, and has gained a value of around 3.01 percent over the last week, as the price was on the decline for most of the week. Today trading volume has improved by 0.79 percent, taking the market cap up by 5.41 percent.

Cardano price analysis: ADA 6.3 percent as bullish momentum extends to $2.23 1
ADA/USD 1-day price chart. Source: TradingView

The volatility for ADA/USD pair is decreasing as the Bollinger bands have formed a narrow channel due to less price oscillation during the present month. Now the upper band is present at the $2.29 mark, representing resistance for ADA/USD, as the price is trading near the upper band, and the lower band is present at $2.10, making an average at $2.19, which represents support for ADA.

The relative strength index (RSI) is on an upwards curve almost at the center of the neutral zone at index 51. The RSI is at a perfectly neutral position; its curve shows increasing buying activity in the market.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis further confirms the bullish momentum. The price was seen declining in the last eight hours of yesterday’s session, but bulls again took over today and are taking the price higher every hour. Still, no traces of bearish activity has been observed, as, despite the price breaking above many resistance levels set by the bears during the past days, selling pressure hasn’t formed yet.

Cardano price analysis: ADA 6.3 percent as bullish momentum extends to $2.23 2
ADA/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is increasing as the Bollinger bands are expanding, and the price is trading above the upper band, which is present at the $2.22 mark, representing support for ADA/USD price. The moving average is found at $2.166, and the RSI is trading at index 67, moving towards the overbought zone. The RSI may give a sell signal as it enters the overbought zone.

Cardano price analysis: conclusion

The current Cardano price analysis shows the bullish momentum is defining the price movement largely, still with more room for further bullish movement. If buying from investors continues for the next few hours, the ADA/USD may break above the resistance of $2.28. If the selling pressure kicks in, the price may fall back to $2.1.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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