TL;DR Breakdown
- Cardano price analysis shows an uptrend.
- Resistance for ADA/USD is present at $0.997
- ADA/USD is currently trading at $0.853
Cardano price analysis is very bullish as the price has begun to rise today, following a week of poor performance. After the bulls reclaimed control of the market, the price levels rose to the $0.974 range, where they had previously been for a week and yesterday was quite damaging, but now bulls have taken control.
ADA/USD 1-day price chart: Coin value nears $1 after sudden recovery
Cardano price analysis shows bullish tendencies for the next few hours, even though short-term targets will be hard to hit unless there is significant buying volume. The hourly chart indicates that candles will grow in the early morning but will fail to breach resistance at $0.997 and fall before advancing.
Currently, the Cardano price analysis for ADA/USD is very bullish on the daily time frame. However, significant resistance at $1.157 must be breached for further upswing later.
The resistance for ADA/USD is found at $0.997, which had capped the previous hourly candle’s movement. Support was identified at $0.830, which was previously a resistance, and now support following the price fall yesterday.
As the weekly chart shows, even though Cardano price analysis currently shows bullish tendencies, there is significant resistance at $0.977, which must be breached for further growth.
The market had recently entered a bearish period, after solid support just below $0.999 was destroyed during the early hours of August 21st, which saw ADA fall to lows of around $0.845 yesterday, just short of its current resistance at $0.830. The hourly chart shows that there is still significant support at $0.830, which, if broken, the further decline could follow to the next support level at $0.789.
The hourly chart for ADA/USD shows that the market is still relatively bearish, but bullish candles will grow first. The current resistance at $0.997 has been two times a significant resistance, and it must be broken before further growth can occur.
Cardano price analysis: Recent developments and further technical indications
The 4-hour chart reveals support at $0.892 as it had been a resistance previously and has now become support following an increase in buying volume.
The RSI is at 52, and the market has quite a large number of buyers, although based on historical data, $1 could be breached soon following this bullish momentum.
The ADA/USD pair is bullish in the hourly and daily time frame, with a small uptrend. Solid support has been identified at $0.810, and following this increase in buying volume, it could become resistant.
Cardano price analysis: Conclusion
The Cardano price trend is good for today, following a week of bearish pressure. The value of the ADA/USD pair has been restored to previous levels, with the bearish pressure having been lifted after a tumultuous week. If the bullish momentum continues in the next trading session, we expect ADA to rise further and breakthrough $1.
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