Cardano price analysis: ADA initiates recovery at $0.447 after a heavy sell-off

The Cardano price analysis reveals that bulls are striving to elevate price levels at the time of writing. Bears made a steep plunge in price levels at the start of the day, but now, the bulls are trying to recover the losses and have been in the lead for the last eight hours. But despite climbing up and maintaining the price level, the ADA/USD asset has yet to break above yesterday’s price cap. Nevertheless, the ADA/USD price shows recovery at the present price level of $0.447, and the next resistance is present at the $0.458 level.

ADA/USD 1-day price chart: Bulls strive for recovery after loss

The 1-day price chart for Cardano price analysis shows the price is recovering after a loss, but the price has just reached yesterday’s price cap, as yesterday’s bearish trend was very intimidating as the correction was strong. The coin is trading at $0.447 at the time of writing and is still at a loss of 10.19 percent in value over the course of the last seven days due to the bearish trend earlier at the start of the week and yesterday as well. However, the trading volume has increased by 72 percent today.

The volatility is comparatively high, as Bollinger bands cover more area, with the upper band at the $0.520 mark representing the strongest resistance and the lower band at the $0.435 mark representing the strongest support. The mean average of the Bollinger bands is forming at the $0.477 mark above the price level. The price is still below the mean line of the indicator; it is a sign of the price function still being under bearish pressure.

The relative strength index (RSI) has moved below the center line of the indicator into the lower half of the neutral zone. The curve of the indicator has taken a horizontal turn and is present at index 42, as, after a bearish shock, the coin is recovering. The horizontal movement of the indicator hints that the heavy selloff has ended.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows the price breakup was downwards today and remained on the decline for eight hours today. At the moment, the price function is headed upwards and has recently recovered today’s loss. Further recovery can be expected in the coming hours if the bullish momentum continues.

The volatility is high and further increases on the 4-hour chart as the Bollinger bands are expanding, with the upper Bollinger band at the $0.499 mark and the lower band at the $0.434 mark, with the average mean line at the $0.467 mark above the price level. The relative strength index (RSI) is in the lower half of the neutral zone, trading at index 37 but moving upwards, showing the buying momentum in the market.

Cardano price analysis conclusion

The Cardano price analysis suggests a bullish momentum as the price increases at the moment, but the correction was also stronger at the start of the trading session. We expect the coin to continue recovery today; the price may increase further but may not break above the resistance level at $0.458 today.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.