Cardano price analysis shows a bullish trend today, as it is currently trading around $0.3314, with a 0.07% rise over the past 24 hours. The market is expected to move higher in the coming days as there has been increased demand for ADA tokens. As long as the support holds around $0.3248, the market is anticipated to continue its upward path. However, if prices are unable to overcome the resistance at $0.3346, the bears could make a comeback. The price action has been volatile; however, Cardano’s market capitalization is still relatively low compared to other cryptocurrencies. The daily trading volume has remained fairly consistent at around $335 million, while the market capitalization is at $11.4 billion.
Cardano price analysis 1-day chart: ADA trades above $0.3314
The one-day Cardano price analysis also demonstrates that since prices surged beyond the $0.3314 level, the market has been in a positive trend. In the near future, the bulls can try to drive prices higher and break through the resistance at $0.3346. An ascending triangle pattern, which is a bullish pattern, is how the prices are currently trading. When the price experiences higher lows and lower highs, a triangular pattern develops. Bulls are likely to drive prices higher in the near term because this pattern often resolves to the upside.
ADA/USD 1-day price chart, Source: TradingView
The ADA/USD pair is in an uptrend as the current price is above the 12-day EMA and 26-day EMA. This indicates that there is strong buying pressure and investors are optimistic about Cardano’s future. The MACD is also in a bullish trend as the MACD line has crossed above the signal line. This signals that ADA prices could move higher in the near future. The RSI indicator is also showing a positive trend, indicating that buyers are pushing the price higher.
ADA/USD 4-hour price chart: Recent development and further technical indications
The 4-hour Cardano price analysis shows that the cryptocurrency is trading in a range between $0.3312 and $0.3314. Bulls are likely to try and break above this range as the moving average convergence and divergence (MACD) line is above the signal line.
ADA/USD 4-hour price chart, Source: TradingView
The RSI indicator is also showing a positive trend, indicating that buyers are in control of the market. The 20-day EMA is also above the 50-day EMA, which is another confirmation of the bullish trend in the market. This indicates that the bulls are gaining strength and are likely to push prices higher in the near future.
Cardano price analysis conclusion
In conclusion, Cardano is in a strong uptrend, and investors should continue to accumulate ADA tokens as the price is expected to go higher in the coming days. The bullish momentum is likely to continue, and investors should keep an eye on the key levels of support and resistance for potential entry and exit points. The technical analysis for Cardano suggests that ADA prices are likely to continue their uptrend in the near future.