According to ADA price analysis, there is an indication that the price of Cardano will start rising after experiencing successive declines in the last few days. The asset exchanges hands above the $0.3537 level as the bulls resurge.
The ADA/USD pair is exchanging hands at $0.3318, with the next resistance level at the 0.3545 psychological price level. The digital asset could extend the gains if buyers push the prices higher in the short term. However, if the buyers fail, the pair could return to the $0.3318 support level.
1-Day Chart Cardano Price Analysis
The daily chart for the price of ADA shows that the asset is trading in what analysts call a range-bound channel. The pair successfully tested and surpassed the boundary at the $0.3300 mark in the last 48 hours before it rose above the $0.3500 level.
The pair gained over 4.58% on the day and is currently consolidating in the green zone. The RSI also shows an upward trajectory at 53, indicating that the bulls are slowly taking back control of the volatile market.
The moving averages are hovering at the $0.3403 level, which is also bullish. The volatility is mild, and according to the Bollinger Bands, there is no change, but the lower end indicates a slight upward trajectory. The upper Bollinger is hovering at $0.3601, and the low band is currently at $0.3074, a sign of a bullish outlook.
4-Hour Chart Cardono Analysis
The 4-hour chart shows that the asset trades in the green zone. The AUD/USD opened trading at the $0.3382 level, but the buying pressure saw an uptick in momentum in favor of the bulls. This movement helped the pair reach the $0.3500 level and hit the current price.
The RSI on the 4-hour chart is trading above 59.53, which is a strong neutral indicator. The moving average indicator hovers at 0.3414, with its 200-day and 50-day moving averages moving downwards. The volatility from the 4-hour chart is low, with the Bollinger Bands rising after a slight drawback. The upper band is trading at 0.3540, and the lower band is consolidating at $0.3316.
The Banking Crisis In The US and Crypto
The collapse of a cryptocurrency-heavy bank is causing erosion in the financial market and favoring the crypto market. The volatility in the last few days has seen the price of Cardano fluctuate; however, the overall trend for the asset is up.
According to crypto analysts, the crypto bubble is just forming, but there could be a strong reversal if the banking crisis continues to wreak havoc in the industry. As a result, some analysts stay positive about the crypto world, hoping the digital asset realm moves in that direction.
The optimism is so high that some analysts expect the price of most digital assets, especially tokens, to rise significantly as confidence in traditional banking institutions continues to fade.
The resurgence of bulls in the crypto market is a positive for the industry, but as momentum shifts, power plays on the international stage could change the dynamic. For example, the new declaration by Russia to use the Chinese Yuan to trade oil is a big minus for the USD, and as the crisis worsens, this development could deal a heavy blow to the greenback.