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May 22, 2024
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Cardano Appears to be at the Peak of Accumulation, Will ADA Price Rise High Following a Breakout?

The post Cardano Appears to be at the Peak of Accumulation, Will ADA Price Rise High Following a Breakout? appeared first on Coinpedia Fintech News

With a decrease in the Cardano price, the environment flipped to bearish for a week. The asset is trading at $0.4586 as the bears took control of the market at the beginning of the week. The last three days have been overwhelmingly bullish, so the bulls still have a chance.

Bulls May Outperform Bears Soon 

The bears gained control of the market during mid-August and drove the price sharply below $0.463. Prices began to consolidate at $0.463 and fell below the lower Bollinger band at around $0.430. As the price fluctuation persisted, the bulls soon gained the upper hand and stabilized in the first few days of  September.

Unfortunately, the bears took back the initiative as the price sharply sank to a low of $0.463. Further, the prices swiftly climbed towards the upper Bollinger band at $0.517 and dropped back to $0.463. The price dropped below $0.463 as a result of the bears’ ongoing dominance. Although there is strong selling pressure evident, the bulls are working hard to push the price up.

The low volatility level points to a positive future trend. The RSI value has risen to a neutral 47, and the indicator’s curve is compressing, which denotes a decline in buying activity.

 Cardano Bull Maintain Strength

Prices increased significantly over the past couple of hours, which allowed the bulls to seize control of the situation. The 4-hour Cardano price analysis shows that the bullish activity has started up again as the price level rises. Due to the recent increase, the moving average, which is currently trading at $0.460, is trading below the current price level.

Due to the strong volatility over the past few hours, the Bollinger band average is at $0.454 per share. The values of the upper and lower Bollinger bands are $0.471 and $0.437 respectively. Price is fluctuating between the upper band and $0.460, which is the mean average. The RSI indicator is at index 53, slightly above the center line and in the neutral zone.

The Cardano price analysis forecasts that the price has increased due to today’s bullish dominance. Due to the price increase during the last 12 hours, the bulls are anticipated to maintain their lead. Although an upward movement of the cryptocurrency is anticipated, the bulls appear to be running out of steam, and a reversal might potentially occur.

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