Cardano price analysis: ADA continues to gain momentum above $0.40 as bull sentiment remains strong
Cardano price analysis is bullish for today as the coin has gained bullish momentum since the start of the trading session. The price has recovered to the $0.,404 level as bulls got the lead back after the price took a steep plunge yesterday evening. The buyers are trying to push the price above the $0.4092 resistance level, which if broken could lead to further gains for ADA in the near future. On the other side of the market, the $0.392 support level is still holding steady and should provide a cushion for any further drops in price.
The sellers have been in control of this market, but the bulls are slowly gaining ground and could take back control if they can break through the resistance level. Currently, the ADA has gained significantly in the past 24 hours, and with some bullish momentum, it is possible for the coin to move higher. The 1.10 percent gain in the past 24 hours is a clear indication of bullish sentiment in the market.
Cardano price movement in the last 24 hours: ADA/USD bounced higher again
The 24 Cardano price analysis shows a clear upside bias with the token trading above the $0.40 level currently. The ADA/USD is trading in a range between the $0.392 support and the $0.4092 resistance, a break of which could see further gains or losses for the coin in the near future. The trading volume has also risen significantly in the past 24 hours and is currently at around $354 million. This shows that investor interest in ADA has been increasing, which could be a sign of further gains. The market cap of ADA is currently at around $14 billion.
The technical indicators clearly show a bullish trend for ADA/USD with the Bollinger Bands giving an indication of further upside potential. The upper Bollinger Band is currently at $0.424, which could be a target for the bulls in the near future. while the lower Bollinger Band is currently at $0.354, which could provide some support in case of any dips. Furthermore, the RSI has also been rising steadily since the start of the trading session and is currently at around 57.19 points. The MACD indicator is also in the bullish zone and is showing strong upward momentum.
Cardano price analysis 4-hour chart: Recent updates
The 4-hour price chart for Cardano price analysis shows the price breakout was upwards at the start of the trading session and has been increasing up till now. However, bullish activity has reignited and has been observed going on for the last four hours, and the price has been uplifted to the 0.404 level. However, bulls need more support to mark a clear impact on price.
The 4-hour moving average convergence divergence (MACD) is showing a bullish trend and indicates that the buyers have some control of the market. The MACD line has crossed above the signal line which is another indication of growing bullish sentiment in this market. On the other hand, the relative strength index (RSI) is currently at around 55.55 points and could move into overbought. Both upper and lower Bollinger Bands have tightened and indicate that the market is consolidating.
Cardano price analysis conclusion
To sum up, the Cardano price analysis has seen a rise in buying activity and is currently trading near the $0.404 mark. The market needs more buying activity to break through the resistance level and take back control of the market. If the bulls can gain momentum and break through the resistance level, we could see further gains for ADA in the near future.
