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- Cardano price has broken out of the descending triangle parallel channel in which it has been trading since September 2021.
- ADA Crypto’s recovery is still on the way as it currently consolidates above the parallel channel and is overlapped by 20 and 50 EMA.
- The pair of ADA/BTC is at 0.00002202 BTC with an intraday gain of 0.28%.
Cardano price has been falling through a descending parallel channel since September 2021 and is finally trading out of it. The token is trying to sustain above the falling channel to start its recovery phase over the daily price chart. However, the ADA coin is currently consolidating above the falling parallel channel and is trying to maintain itself at the current level to start its recovery. ADA bulls must accumulate themselves to register the token’s recovery till respectable resistance level of $0.65. Cardano price must surge towards the resistance level to avoid getting caught into any type of bearish trap. However, if ADA coin price maintains itself above the falling channel then investors can expect a significant recovery of the token over the daily chart.
Cardano price is presently approximated at $0.51 and has gained 1.30% of its market capitalization in the last 24-hour period. Trading volume has increased slightly by 0.51% in the intraday trading session. This indicates that bulls are trying to accumulate themselves to let the ADA coin maintain itself at the current level. Volume to market cap ratio is 0.02976.
ADA coin price must maintain itself above the falling parallel channel to avoid getting trapped in short-sellers’ clutch. However, ADA bulls need to accumulate themselves to let the toke surge towards the respectable resistance level. Meanwhile, volume change can be seen below average and needs to grow for ADA to sustain above the falling parallel channel. ADA Crypto’s recovery is still on the way as it currently consolidates above the parallel channel and is overlapped by 20 and 50 EMA.
Will ADA Sustain and Soar?
ADA coin price must sustain above the channel to start its recovery phase as it has been continuously falling since 2021. Now is the time for ADA bulls to show the token’s true potential to the cryptocurrency investors. Technical indicators suggest the uptrend momentum of ADA coin.
Relative Strength Index showcases the uptrend momentum of ADA coin. RSI is at 54 and is approaching the overbought territory. MACD exhibits the sideways momentum of the ADA coin. The MACD line is overlapping the signal line and is about to sign any type of directional change for ADA coin price action. ADA investors must wait until bulls sustain and start the recovery phase of the token.
Conclusion
Cardano price has been falling through a descending parallel channel since September 2021 and is finally trading out of it. The token is trying to sustain above the falling channel to start its recovery phase over the daily price chart. However, the ADA coin is currently consolidating above the falling parallel channel and is trying to maintain itself at the current level to start its recovery. ADA bulls must accumulate themselves to register the token’s recovery till respectable resistance level of $0.65. Meanwhile, volume change can be seen below average and needs to grow for ADA to sustain above the falling parallel channel. The MACD line is overlapping the signal line and is about to sign any type of directional change for ADA coin price action. ADA investors must wait until bulls sustain and start the recovery phase of the token.
Technical Levels
Support Levels: $0.47 and $0.45
Resistance Levels: $0.65 and $0.70
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
