Cardano price analysis shows that the market momentum has revived and the bulls are in control. The price is currently trading at $0.4712 and is expected to rise further up to the $0.4769 mark. The market has been quite volatile recently and Cardano is no exception. The cryptocurrency started the month on a strong note with the bulls pushing the price up to the $0.4712 level. However, the bears took control and pushed the price down to the $0.4499 level. The market has since recovered and is currently trading at $0.4712.
Resistance for ADA/USD is present at $0.4769. This is a key level to watch out for as a break above this resistance could see the price target at the $0.50 mark. On the downside, support for ADA/USD is present at $0.4499. A break below this support could see the price target at the $0.42 level. Overall, the market looks bullish and is expected to continue its upward trend.
ADA/USD 1-day price chart: Price levels inflate to $0.4712 as bulls gain control
The 24 -hour Cardano price analysis shows that the market is in a bullish trend. The bulls have been in control of the market as the price is up by 3.03%. The market capitalization is currently at $16 billion and the 24-hour trading volume is at $374 million. The total market supply is at 25.9 billion ADA with the circulating supply being at 25.5 billion ADA.
ADA/USD 1-day price chart. Source: TradingView
The Technical indicator for the ADA/USD pair is currently giving a bullish signal as the RSI indicator has risen above the 50.00 level and is currently trading at 58.60. The MACD indicator is also in the bullish zone and is currently indicating a strong upward trend for the ADA/USD pair. MA50 is currently indicating a strong bullish trend for the ADA/USD pair and is currently trading at $0.4696. MA200 is also in the bullish zone and is currently trading at $0.4578.
ADA/USD 4-hour price chart: Recent updates
The 4-hour Cardano price analysis shows that the market is in a strong uptrend as the price has risen above the $0.4700 level. The market bulls and bearish have been battling for control but the bulls have been able to push the price up to the $0.4712 level. The market looks set to continue its upward trend as the bulls remain in control.
ADA/USD 4-hour price chart. Source: TradingView
The 4-hour MACD indicator is currently in the bullish zone as the line blue line is above the line red line. The 4-hour RSI indicator is also in bullish territory as it is currently trading at 62.10. The 4-hour MA50 is indicating a strong upward trend as it is currently trading at $0.4703. The 4-hour MA200 is also in the bullish zone and is currently trading at $0.4656.
Cardano price analysis conclusion
Cardano price analysis is present in a bullish trend as prices have been increasing steadily over the past few hours. However, the traders should be cautious as the prices may consolidate before making another move. The next few days will be crucial in determining the direction of the market. ADA/USD is among the few cryptocurrencies that have shown some stability in the last few days while most others are still struggling to find their footing.
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