Today’s Cardano price analysis shows a bullish market sentiment, as the coin is up by 1.45 percent and is currently trading around $0.3885. The bulls have taken the lead as the digital asset opened today’s session on a lower note at the $0.3800 level and since then, A...
At the time of writing, resistance for the pair is present at $0.3961 and if this level is not breached, there are chances that bulls may take a break from their current rally. On the downside, support for ADA/USD lies at $0.3790 and any significant break below this level could send the cryptocurrency into bearish territory.
Looking ahead, the market cap of Cardano is currently at $13.5 billion, and if the bulls are able to maintain their momentum, a further bullish rise in the price of ADA is expected. Additionally, the trading volume has seen a rise too as it currently stands at $233,951,149 having gained over 1.98% which is indicative of an increase in market demand.
Cardano price analysis daily chart: Buying pressure push ADA/USD above $0.3900
The technical indicators in this timeframe display a bullish reversal in the market as the Relative Strength Index (RSI) indicator is trading above 40 indexes after a bullish crossover, and the Moving Average Convergence Divergence (MACD) indicator is currently in negative territory showing a selling pressure in the market. The buyers need to maintain their momentum and push the pair above the resistance level at $0.3961 for ADA/USD to continue its bull run.
Cardano price analysis 4-hour chart: Latest developments
The Moving Average Convergence Divergence (MACD) confirms the bullish sentiment in this timeframe as the MACD line has crossed above the signal line and is currently in positive territory. Additionally, the Relative Strength Index (RSI) indicator is trading above 46.70 after a bullish trend which confirms that buying pressure is higher than selling pressure.