- The bulls are attempting to drive the ADA price up toward the upper arm of the daily price chart as it is currently trading inside of a descending triangle pattern.
- The technical indicators over the hourly price chart support the bullish movement.
- The ADA/BTC pair is at 0.00002203 which is an insignificant gain of 0.30% in it.
The ADA price is trading inside a descending triangle pattern in which the bulls are trying to push the price towards the upper arm over the daily price chart. It looks like the price drop attracted ADA bulls who are now pumping the price. This positive movement in price is a result of following the leader crypto, Bitcoin. The BTC price again crossed the mark of 23K which is also encouraging for all the other altcoins.
The trading volume is currently at a gain of 4% over the intraday trading session which is now helping to pump the price. If the bulls have not accumulated the coin would have gone for a breakdown amid this bearish pressure. If the bears made a successful breakdown the price may fall to support of $0.35.
The current price for one ADA coin is $0.50 which is merely at a gain of 0.11% in its market capitalization in the last 24 hrs. The coin has a trading volume of 521 million which is at a gain of 4.39% in the 24 hrs trading session and has a market cap of 17.2 billion. The volume market cap ratio is 0.03023.
Short-term Analysis
We can observe a good uptrend movement over the short-term (4 hrs) price chart. These efforts need to be consistent to register a breakout.
Whereas the technical indicator like MACD over the hourly price chart shows a comeback through a positive cross and now the gap between the MACD and MACD signal line is increasing continuously along with the histograms growing green. The relative strength index is climbing at a good rate. The RSI value for ADA is above 50 currently.
Conclusion
The ADA price is trading inside a descending triangle pattern in which the bulls are trying to push the price towards the upper arm over the daily price chart. The BTC price again crossed the mark of 23K which is also encouraging for all the other altcoins. If the bears made a successful breakdown the price may fall to support of $0.35. Technical indicators support a bullish movement ahead.
Technical levels
Resistance levels: $0.56 and $0.59
Support levels: $0.45 and $0.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/11/cardano-price-analysis-ada-bulls-are-back-investors-hoping-for-a-breakout/