Cardano price analysis: ADA to retest $0.900 resistance as bullish trend resumes
- The Cardano price analysis is bullish.
- Resistance for ADA/USD is present at $0.900.
- Support is present at $0.773.
The Cardano price analysis is bullish as the bulls have regained momentum, and the price is on the rise today. After getting rejected at $0.900 on 26nd February, the price continued to drop for the last two days as the selling pressure persisted from the bearish side, but today bulls have taken charge again and have been ruling the price function since the late hours yesterday. Bulls have made some recovery and are still progressing today as well; further, improvement is also expected over the day as the price has recovered up to $0.885.
ADA/USD 1-day price chart: Price bounces back to $0.885
The 1-day price chart for Cardano price analysis shows the bulls are reigning the price chart for today after going through devaluation for the last two days. A rise in price has been recorded during the last 24 hours, as the price climbed above the $0.885 level gaining 1.46 percent value over the last 24 hours. The bullish trend is expected to intensify further during the upcoming hours as well as the bulls seem to be targetting $0.900 resistance again to continue their mission towards the $1 psychological mark.
The volatility for ADA is high as the upper limit of the Bollinger bands is present at the $1.196 mark representing the strongest resistance, and the mean average of the Bollinger bands is present at the $0.985 mark. The lower band is trading at $0.774, representing the strongest support for the ADA/USD. The price has also moved past the moving average (MA) at $0.774 today, which is also a bullish sign.
The relative strength index (RSI) is trading at index 38 in the lower half of the neutral zone at a steep upwards slope, giving a hint for more buying activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows the price breakout was upwards today, as the bulls swiftly took over last night and continued covering range upwards up till now. The bulls are continuing their lead at the time of writing and have elevated the price up to $0.885 level, with the next resistance present at $0.900.
The volatility on the 4-hour chart is mild, as the Bollinger bands are not much expanded. However, the mean average of the Bollinger bands at $0.882 is found just below the price level representing support for ADA/USD. The RSI also shows an upwards trend indicating the buying activity in the market as it trades at index 50 just at the center of the neutral zone.
Cardano price analysis conclusion
The Cardano price analysis shows the cryptocurrency value has improved today to a good extent as the price has been on the rise for the last 16 hours. We expect the ADA/USD to continue upside in the coming hours, as well as bulls march towards $0.900 resistance. However, a slight correction may also happen for a few hours as the price is near the said resistance.