Is $ADA Price Ready to Reclaim $0.3?

Cardano Price Analysis: Amid the early June Bloodbath, the Cardano coin price found suitable support at the December 2022 bottom support of $0.24. The long-tail rejection at support reflected the strong buying pressure which hints at a higher possibility of a bullish reversal. Using this level as base support, the weekly time frame chart shows the formation of a double bottom pattern.

Also Read: Cardano Founder Points Out Two Key Upgrades, ADA Price Recovers To $0.35?

Cardano Price Daily Chart 

• Higher accumulation at $0.24 hints at a potential upswing in the near further.
• A bullish breakout from the $0.3 barrier will set the ADA price for a 20% upswing
• The intraday trading volume in the ADA coin is $188  Million, indicating a 14.5% gain

Source- Tradingview

During last week’s recovery in the crypto market, the Cardano price failed to surpass the immediate horizontal resistance of $0.3. Rejection from this resistance reflects the sellers are still active and the buyers would need higher momentum to reclaim lost ground.

However, the double bottom pattern is a sign of aggressive accumulation from buyers which could trigger a significant upswing. By the press time, the ADA price traders at $0.282 with an intraday loss of 3.3%.

Under the influence of a bullish pattern, the ADA buyers could propel the price higher to challenge the $0.3 psychological barrier.  A breakout above this resistance could surge the 20% and bolster the pattern completion.

Is Cardano Price Ready for Trend Change?

A potential breakout from $0.3 will give additional confirmation for a bullish upswing in ADA price. With sustained buying, the coin price should rise 55% to hit the neckline resistance of this double-bottom pattern at $0.462. A breakout above this barrier will offer an early sign of trend reversal.

• Relative Strength Index: Conversely to the same low in price action, the weekly RSI slope shows an evident rise indicator of the bullish momentum for a bullish rally.
• Bollinger Band: The lower band if BB Indiacor challenges the downside indicator the sellers are aggressive at in the current trend