- Cardano price analysis shows an uptrend
- Support for ADA/USD is present at $0.3727
- Cardano’s key resistance is seen at $0.4094
Cardano price analysis reveals that cryptocurrency is bullish today and is expected to continue its upward trend in the near future. The ADA/USD pair has seen an impressive rally as it, has gained more than 5.65% since the beginning of today and is currently trading at $0.4039. The next level of resistance is located at $0.4094, and if the bulls can break through this level, the price could reach up to $0.404 according to technical analysis.
The bulls have been in the lead for the past 24 hours, which is why a constant uptrend has been observed. The coin started the day at $0.4037 and managed to climb above $0.4039, although yesterday the bears were in control of the market and the price had dropped to $0.3839. ADA is expected to continue its bullish momentum and could reach a new all-time high if it breaks through the key, but the price is still far away from the year-high at $0.4094.
Cardano price analysis on 1-day price analysis: ADA gains strength at $0.4039 as the market turns bullish
The indicators on the 1-day chart are also bullish and suggest that there is still more upside potential in the coin. The price has moved up to the $0.4039 level, above $0.4, as it establishes a higher high on the 1-day chart. The bulls have controlled the market throughout the day as the price has broken above the resistance at $0.4039 in the past few hours and the support level at $0.3727.
ADA/USD 1-day price chart, Source: TradingView
The moving average convergence and divergence (MACD) indicator is currently in bullish territory and is showing positive momentum, which could be a sign of further upside potential for Cardano. The relative strength index (RSI) is also in the overbought zone, which indicates that traders are currently bullish on the coin and could continue to drive the price up further. The ADA is currently trading above the 200-day moving average (MA) and is likely to continue its upward trend.
ADA/USD 4-hour price chart: Latest development
The 4-hour Cardano price analysis shows that it is trading in a range-bound manner and has been consolidating over the past few days. The indicators are also suggesting that the coin could soon break out of this range and continue its upward trend. The ADA/USD pair has also managed to break above the $0.4 psychological level, and if it can stay above this level, the bulls could drive the price up toward its all-time high.
ADA/USD 4-hour price chart, Source: TradingView
The moving average convergence and divergence (MACD) suggest that the bulls are in control of the market, while the RSI is now above 50, which indicates that the coin is in bullish momentum. The moving average (MA) indicator is also showing a bullish crossover and suggests that the bulls are in control of the market.
Cardano price analysis conclusion
In conclusion, Cardano’s price analysis demonstrates that the bulls are in charge of the market and will probably keep driving prices higher in the near future. The technical indicators support the bulls as well. Therefore, we may anticipate a near-term increase in price, with the level of $0.4039 as the next objective, which appears to be on an upward trend and could reach a new high if it manages to break through the $0.4094 level.