Cardano (ADA) Eyes Higher Levels amid Bullish Support – Price Analysis

  • ADA price analysis unveils bullish reactions.
  • Cardano rises to the value level of $1.055.
  • ADA/USD’s current resistance stands at $1.119.

Cardano’s price highlights positive trends as the overall market favor buyers today. The token witnesses recoveries following substantial drops within the past week. Bears dominated the marketplace within the last few weeks as downtrends dominated, while crypto recorded continued losses. Bulls have attempted revivals, but bears appeared unbeatable. Today, ADA noted another upswing, taking its price towards the lower high at $1.055.

ADA/USD 24Hr Chart

Cardano’s one-day chart shows the token surged today. While writing this post, the alt exchanged hands near $1.055. That way, the pair noted a 2.38% value increase within the past 24 hours. Contrarily, ADA/USD hovers in a 26.71% within the past week as the alt retained downtrends over the recent days. Cardano had its trading volume dropping by 44.42% as the market capitalization increased by 2.15% within the previous 24 hours.

Meanwhile, the 50SMA curve travels high than the 20SMA one, confirming bearish supremacy. Nevertheless, the Bollinger bands show surging volatility, the topside Bollinger staying at $1.15 while the lower one represents ADA’s massive support at $0.94.

The Relative Strength Index hovers in the neutral zone’s lower half at 39-index. However, the indicator curve remained nearly flat, confirming the bearish pressure.

ADA Price Analysis

The 4hr price chart indicates ADA bulls launched a substantial comeback today, translating to a somewhat unexpected surge. Though the previous hours highlighted bearishness amid significant devaluation, the scenario appears to have changed. For now, the market favors buyers as ADA climbed to $1.055 within the last few hours. Meanwhile, the MA value shows Cardano trading around the $1.043 position at the moment.

The volatility lowers due to the Bollinger bands constriction, confirming lesser deflections by ADA price. The top band sits at $1.12 while the bottom one locates around $0.98, representing Cardano’s massive resistance and support, respectively. The Relative Strength Index at 44 stays within the neutral region.

Final Thought

ADA/USD’s hourly and daily price forecast seems to favor bulls as the token saw a price surge after securing support. The 1-day chart flashes green candles, suggesting an upside trend. For now, ADA appears ready for further uptrends.

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