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Cardano Price Analysis: ADA completed its minor retracement before retesting at the goal level of $1.0 

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  • Cardano (ADA) price struggled with a retracement phase during recovery mode.
  • In terms of the daily price chart, the ADA coin is taking support near the leading span A of the Ichimoku indicator.
  • Stoch RSI is looking bullish on the daily chart as both the moving lines are located above the semi-line.

Cardano’s (ADA) price has been in a retracement phase for the past two days. Thus, ADA is witnessing a bullish intraday trading session on the daily price chart with the presence of the $60 mark at the time of writing.

Meanwhile, the momentum of the downtrend finally ended after a long period of bear dominance. Despite the bullish breakout, ADA price is expecting a move above the crucial $0.50 support level.

ADA price action is showing a high-low formation on the daily price chart. But the bulls are struggling to break the $0.7 mark, which has acted as a bullish barrier.

ADA’s market cap remained above $20 billion according to the CMC, despite a 2.2% drop over the past 24 hours amid fighting between buyers and sellers. Meanwhile, ADA is trading with a gain of 4.8% this week.

Trading volume is gradually increasing this week, which suggests that buyer strength is driving ADA coin towards the $1.0 conceptual round level-resistance zone. Moreover, last night also traders registered a 34% increase in trading volume.

Recently, buyers were rejected by bullish momentum near the Leading Span B (at the $0.68 mark) on the daily price graph. But ADA coin is taking support near the leading span A of the Ichimoku indicator.

RSI at peak

On the daily price chart, the Stoch RSI indicator is moving above the ascending trend line (white). But retracement can be expected in the upcoming sessions as per the Stoch RSI indicator.

Similarly, ADX started to move down, indicating the decreasing bullish momentum of the ADA coin.

Conclusion

A retracement phase may extend to the previous weekly swing low before any bullish momentum for Cardano (ADA). However, ADA started going down where buyers could see the effect of this signal.

Support level –  $0.4 and $0.30

Resistance level – $0.7 and $1.0

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.

ALSO READ: Terra’s UST Collapse Is Not The Main Culprit Behind Bitcoin Crash: Chainalysis

Steve Anderrson

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