Cardano price analysis is bullish for today, as an increase in price up to $0.3511 has been observed. The bulls have been successful in crafting an upwards trend line for the price function during the last few days, and the trend is the same for today as well. Although the price touched the $0.3519 height earlier yesterday, due to the strong resistance present at this level, the price function reverted back. Still, the crypto pair has managed to continue moving in a positive direction. However, the next resistance is present at the $0.3519 level for the bulls to encounter.
Most of the Cryptocurrency market has been showing a positive trend lately, and ADA is no different. The current CoinMarketCap ranking is #7, with a live market cap of USD 12,143,900,370. It has a circulating supply of 34,711,211,830 ADA coins, and the max.
ADA/USD 1-day price chart: Bulls successfully take the lead back after a correction
The 1-day Cardano price analysis shows an increase in price for today, and the coin is trading at $0.3495 at the time of writing. The coin reports a profit of 1.29 percent over the last 24 hours as the overall trend has been steeply upwards. The weekly Cardano price analysis shows an increase in value of 9.41 percent as compared to last week’s trading value. The coin is yet to encounter strong resistance that could potentially impede its progress toward the bullish trend.
ADA/USD 1-day price chart. Source: TradingView
The technical indicators on the daily chart are, however, giving strong bullish signals. The RSI for ADA/USD is currently just above 50 on the 1-day chart. The Bolinger bands are also widening, which indicates an increase in market volatility. The upper Bolinger band is currently trading at $0.3641, whereas the lower one is set at $0.3063.
Cardano price analysis 4-hour price chart: Bullish pattern sets the tone
The 4-hour Cardano price analysis shows that the price breakout was upwards at the start of today’s session following the bullish lead. The price has been recorded covering a range downwards during the last four hours as well; even the bulls seem to be gaining strength.
ADA/USD 4-hour price chart. Source: TradingView
The Bollinger bands are expanding, too; the lower band for ADA/USD is currently trading at $0.3238, whereas the upper one is set at $0.0.3599. The moving average indicator, which is now at $0.3457, looks to be rising as well, supporting the bullish trend,d. The RSI for the pair on the 4-hour chart is currently at a healthy level of 58.05, moving in an upwards trajectory.
Cardano price analysis conclusion
The Cardano price analysis for today shows that the coin is trending upwards, with support at the $0.337 level and resistance at the $0.3519 level. The overall trend has been very bullish in nature since last week, and with strong technical indicators supporting the same, it can be assumed that the coin will continue its current trajectory in the short term.
This article has been originally published at: https://www.cryptopolitan.com/cardano-price-analysis-2023-03-19/