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- The price analysis for Cardano (ADA) reveals bullish momentum.
- ADA’s price hikes by 3.27% to $0.4134.
- Technical indicators suggest a near-term continuation of the positive trend.
The digital currency Cardano (ADA), according to recent price research on the daily price chart, has climbed during the past 24 hours. The price of ADA has risen from its lows to its present top as a result of positive market dominance.
Cardano’s value at the time of writing is $0.4134, up 3.27% in price.
In addition, the 1-day trading volume climbed by 3.45% to $573,950,598 as its market capitalization increased by 2.03% to $14,133,433,199.
ADA/USD 1-day price chart (Source: CoinMarketCap) With a reading of 0.0003, the Moving Average Convergence Divergence (MACD) is trending upward and in the favorable region. In addition to that as the MACD blue line is moving above the signal line, it indicates a bullish momentum.
Increased selling and buying activity is indicated by the bulging Bollinger Bands. Adding to the current optimistic market sentiment, the market is going toward the upper band. The lower band touches 0.3994 while the upper band touches 0.4124.
The Relative Strength Index (RSI) currently has a score of 54.80 and has been stable over the past few hours, showing equal pressure from buyers and sellers. The market is expected to continue moving in a favorable direction at this RSI level because it is neither overbought nor oversold.
ADA/USD 2-hour price chart (Source: CoinMarketCap) The 5-Day MA and 20-Day MA both touch at 0.4089 and 0.4060, respectively. This behavior indicates a bullish crossover, which is supported by the market price rising above both Moving Averages.
However, the Stoch RSI’s value of 83.86 indicates that it has entered the overbought zone. This indicator serves as a warning to traders that the present market trend may be ending and prices may revert lower when it reads in the overbought range.
ADA/USD 2-hour price chart (Source:CoinMarketCap) Bulls must hold the resistance level in order to prolong this bullish trend and keep ADA prices steady.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
