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ADA price Prediction: Amid the recent recovery in the crypto market, the Cardano price showcased A v-shaped recovery from $0.3 psychological support. The bullish rally recorded a 28% gain within a fortnight and pushed the prices to $0.38 resistance. However, over the last five days, the ADA price showed long-wick rejection at the $0.38 ceiling indicating the exhausted bullish momentum. Has the recovery rally ended?
Key Points:
- A lower-price rejection candle at $0.345 resistance indicates the buyers are defending the recently reclaimed levels.
- The daily EMAs(20, 50, and 100) moving near $0.375 creates a strong support zone for buyers.
- The intraday trading volume in the ADA coin is $251 Million, indicating a 29% loss
Source- Tradingview
With the increasing FUD in the crypto market, the ADA price turned sideways and started wobbling between the $0.38 and $0.354 levels. Today, the Cardano coin price witnessed a 0.6% intraday loss and tried to breach $0.354 support.
If the coin price manages to hold above the aforementioned support, the coin buyers will get an additional confirmation for price sustainability at a higher price and the possibility of uptrend resumption.
This ongoing price consolidation could replenish the bullish momentum and offer a long-entry opportunity at $0.354. Thus, the coin holders can witness a range-bound momentum for a few more trading days before the buyers kick in.
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A potential breakout from $0.38 will prolong the recovery rally 12% higher hitting the $0.42 mark.
Conversely, a daily candle closing below $0.354 will weaken the bullish thesis
Technical Indicator
Relative Strength Index: the daily RSI slope reenters bullish territory indicating a sustained recovery rally in ADA price.
Bollinger Band: the ADA price hitting the Bollinger band indicator’s overhead resistance suggests the traders went overboard with buying activity and thus a minor correction is needed to stabilize the bullish trend.
Cardano Coin Price Intraday Levels
- Spot price: $0.358
- Trend: Bearish
- Volatility: High
- Resistance level- $0.38 and $0.4
- Support level- $0.354 and $0.32
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/ada-price-prediction-demand-key-support-hints-cardano-rally-extend-12/