The atmosphere turned bearish for a week, with the price of Cardano falling. The asset is trading at $0.4586 as the bears took control of the market at the start of the week. The last three days have been very fast, 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 pulled back as the price declined sharply to the low of $0.463. Besides, the price climbed higher towards the upper Bollinger Bands at $0.517 and declined back to $0.463. The price declined below $0.463 as a result of the bears’ ongoing dominance. Although strong selling pressure is evident, the bulls are working hard to propel the price higher.
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 Bulls Maintain Strength
The price has risen significantly over the past few hours, which has helped the bulls take control of the situation. The 4-hours Cardano price analysis is showing that bullish activity has resumed with the price rising higher. Due to the recent rise, 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.
Cardano price analysis predicts that today’s bullish dominance has led to an increase in price. Due to the rise in the price during the last 12 hours, the bulls are expected to maintain their gains. Although the cryptocurrency is expected to make an upward move, the bulls seem to be running out of steam, and a reversal could potentially occur.
