Cardano price analysis: ADA hits $0.3146, chances for a steady uptrend

Today’s Cardano price analysis is bullish as we are likely to see another wave of bullish momentum in the near future. ADA peaked at $0.3146, up over 0.77% since this time yesterday. The cryptocurrency faced some resistance at the $0.3185 level, but we can expect more gains in the coming days as long as the support remains stable around the $0.3061 level.

The overall market has traded with mixed results for the past 24 hours. Leaders Bitcoin and Ethereum both edged higher, while other large-cap cryptocurrencies posted larger gains, up 2.38 percent and 1.93 percent, respectively.

Cardano price analysis 1-day chart: the price hit a high of $0.3146 earlier today

Cardano 24-hour price analysis shows that the cryptocurrency has stabilized well above the $0.3061 level. The market opened trading with bearish momentum around $0.3093 but quickly recovered after hitting a high of $0.3185, putting strong upward pressure on the ADA/USD charts. as we could see more gains in the coming days. The 24-hour trading volume for Cardano was around $59.7 million, which is higher than usual and indicates strong bullishness in the market, while the market cap is currently over $6.5 billion.

ADA/USD 1-day price chart. Source: TradingView

The 50-day and 100-day moving averages of Cardano prices continue to trend up, which indicates a possible market reversal. The Relative Strength Index (RSI) is at 38.03, suggesting that the bullish momentum is likely to continue for a few more days. The MACD is also trending up, which is another bullish signal for Cardano price momentum.

ADA/USD 4-hour chart: will Cardano continue to see higher today?

The hourly chart of Cardano price analysis shows that the cryptocurrency has been in a steady uptrend since this morning, but later in the day there might be some downside if it breaks the $0.3185 level. But overall, we can expect further price gains in the coming days. The price of ADA/USD has been fluctuating in a range from $0.3061 to $0.3185, showing slight volatility for the last 4 hours.

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ADA/USD 4 hour price chart. Source: TradingView

The hourly moving average indicator stands at 0.311, which suggests positive momentum for the cryptocurrency in the near term. Meanwhile, the MACD is moving higher, indicating bullish sentiment in the market, with the histogram moving into positive territory. The RSI stands at 44.64 and it shows increasing buying pressure for the price of Cardano in the near term as well.

Conclusion of the Cardano price analysis

To sum up, it looks like ADA/USD is likely to see some consolidation in the coming hours, but we can expect more gains in the coming days as long as the support at $0.3061 holds firm. Both daily and hourly technical indicators are also showing bullish signals, which bodes well for investors and traders in the Cardano cryptocurrency community.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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