Cardano price analysis: Bullish momentum drives ADA price above $0.4402

The Cardano price analysis is giving us strong bullish signals for the day. The bullish tide has been very strong as the price levels are rising at a frequent and regular rate. The price is present at the $0.4402 level which is quite an accomplishment for the buyers. Further advancement from the bullish side is to be expected as the support is stabilized at the $0.4296 level.


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However, if bullish momentum continues then the buyers can expect resistance at $0.4478 and a break-out from this level could signal further gains. A support level is present at $0.4243 and if the price manages to breach this then further downside is expected.

Cardano price analysis 1-day chart: ADA regains bullish bias at $0.4402

The given one-day price chart for Cardano price analysis is showing cryptocurrency value is going in a bullish direction. The day has been quite supportive for the buyers as more and more green candlesticks are securing their positions on the price chart. The price levels are rising slowly and right now the price value has reached the $0.4402 level which is an appreciable recovery, with an increase of around 0.69 percent. The market capitalization is at $15.3 billion and the 24-hour trading volume is recorded to be at $332 million, indicating strong demand for the crypto asset.

ADA/USD 1-day chart, Source: TradingView

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ADA/USD 1-day chart, Source: TradingView

The bulls are progressing at a very slow pace as the moving average (MA) is still present at the $0.4272 zone. The Bollinger Bands have widened which shows the volatility in the ADA’s market currently. The upper and the lower bands are at 0.4540 and 0.3563 respectively. The relative strength index (RSI) chart is also in bullish territory with a value of 66.17, signaling that the buyers have been able to maintain their momentum for some time now.

Cardano price analysis: Bullish pressure results in a higher price near $0.4402

The 4-hour chart for Cardano price analysis shows that the bars have been quite high for the bulls today. The circumstances have been highly favorable for the bulls for the past several hours as the bulls are dedicated to crossing the $0.4478 resistance. The market has made higher highs and higher lows today, which has resulted in bullish pressure.

ADA/USD 4-hour chart, Source: TradingView

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ADA/USD 4-hour chart, Source: TradingView

The Bollinger Band is contracting thus indicating the market is ready for a breakout with the upper band currently at 0.4577 while the lower band is placed at 0.4315. The RSI chart is also showing a bullish figure at 51.03, which implies that the buyers are present and active in the market. The 50-day moving average (MA) is still at the $0.4393 level, which could provide strong support to the bulls in case of a price retracement.

Cardano price analysis conclusion

All in all, Cardano price analysis shows that the currency has been able to make a decent recovery today and buyers have been successful in pushing prices above $0.4402. However, the bulls still need to watch out for the resistance at $0.4478 which could be a challenge in the way of achieving further gains. The strong bullish momentum is indicating that Cardano’s price might go above the given level if the buyers can sustain their pressure in the market.

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