Cardano Price Looks Optimistic, How Long Will The Bullish Momentum Last?

The bulls have been relegated to their chart by the Cardano price. Over 7% has been gained by ADA in the past 24 hours. It could be called an increase in price.

ADA hadn’t made much progress during the week. It has seen a significant increase in the last 24 hours. As altcoin demand rose, technical indicators have been in favor of the bulls.

If current price momentum persists over the next trading session, ADA might expect bulls to regain greater control of the market.

There was a significant increase in demand for altcoin, which led to an increase on the one day chart.

To avoid price volatility, the Cardano price must continue moving up. However, it is implied that there are always the chances of a price drop after a rally.

Momentum shows that the Cardano Price is 87% less than the September 2021 record. The altcoin can move beyond its immediate resistance line if it is clear.

Cardano Price Analysis: One Day Chart

Cardano Price
Cardano price was $0.39 on the 1-day chart. Source: ADAUSD tradingView| Source: ADAUSD on TradingView

At the time this article was written, ADA traded at $0.39. At $0.36, the price of the coin reached bullish momentum.

Cardano’s overhead resistance level was $0.41. A push higher than that level will allow Cardano to maintain bullish price action.

Cardano can reach $0.44 if it moves above $0.41. Cardano’s price can slide to $0.36 on the daily chart if there is a pullback.

ADA will trade at $0.33 if it falls further below that level. Cardano volume traded during the most recent trading session was higher, indicating that buyers were stronger.

Technical Analysis

Cardano Price
Source: ADAUSD on TradingView| Source: ADAUSD on TradingView

Altcoin gained momentum and the market for it increased. Cardano’s price has seen a significant recovery after being controlled by sellers in the previous trading sessions.

Relative Strength Index passed the zero line, which means that buyers outnumbered sellers as of the date of writing.

Cardano’s price was higher than the 20-SMA, which meant that there was more demand and buyers, driving price momentum.

Cardano Price
Source: ADAUSD on TradingView| Source: ADAUSD on TradingView

Other major technical indicators also signalled the buyers’ taking over on the one-day chart. Moving Average Convergence divergence is a measure of overall price direction as well as the strength and momentum.

MACD went through a bullish crossover, and it formed green signal bars. This was a buy signal.

Awesome Oscillator displays the price movement for altcoin. AO’s painted-green histograms aligned to the bulls in the moment of writing.

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