After achieving support at $0.3439, the Cardano (ADA) 1-day price chart shows tremendous bullish momentum with room for additional strong movements.
As of press time, ADA was up 3.44% and trading at $0.3599.
To achieve this favorable price movement, the market capitalization climbed by 2.79% to $12,435,310,454, while the trading volume declined by 43.05% to $946,185,748.
ADA/USD 1-day price chart Source: CoinMarketCap
The market volatility is diminishing on the 1-hour price chart as the Bollinger Bands constrict, with the upper band at 0.3741 and the lower band at 0.3562. However, the market price advancing toward the upper band disproves this negative sentiment in ADA pricing.
The Relative Strength Index (RSI) in the ADA market is 50.53, suggesting that buying and selling pressures are equivalent. As it points north, this signal shows that the favorable trend may endure.
The Stoch RSI, on the other hand, indicates that the current uptrend is nearing its end, with a reading of 28.66 pointing to the oversold region.
ADA/USD 1-hour price chart Source:CoinMarketCap
The Elder Force Index (EFI) on the 1-hour price chart also supports this bullish trend with a reading of 893, but its line is slightly above the 0 level, making it uncertain.
The blue MACD line has formed a bearish crossover as it moves below the signal line towards the negative area with a reading of 0.0010. This current bullish run is also not supported by the histogram’s negative movement.
ADA/USD 1-hour price chart Source:CoinMarketCap
Consequently, in order to maintain its current trend in the SHIB market, the bulls must continue to fight and outweigh the bears.
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Source: Cryptocurrency - investing.com
