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- Cardano price bounced back, bulls letting it be the last ADA crash.
- ADA price action drew the double top formation before sharp decline.
- Bulls maintain $0.30 support, thus price up 10% in intraday trading session.
Investors successfully maintain the Cardano price above its next support level. Although price action is already suggesting weakness by making lower-highs trend in each time frame. Interestingly, ADA reflected bearish price patterns before losing the $0.40 support level.
Cardano price holds the next support level of $0.30 during collapse. This round level produces a bounce in crypto but as per current market situation, buyers may lose this level if Bitcoin records another low. Meanwhile, ADA formed a novel 52 week lowest level at $0.310 before reversing the trend.
At the time of writing, Cardano price is trading at $0.35 against the USDT pair. Due to sudden accumulation, the price went up 10% in the intraday trading session and the market reached $12.01 Billion. Moreover, the ADA value belonging to the Bitcoin pair is slightly up 2.75%, at 0.00002101 satoshis.
Trading volume has spiked in the last two trading sessions when bears were selling ADA coins. In the last 24 hours, volume recorded at $1.66 billion, which is low compared to other trading sessions.
RSI Indicator is Moving Towards Semi-line
Cardano price is remaining below the 20,50,100 and 200 day moving averages on the daily price chart. 20 DMA (white) was support before breakdown, now it flipped into the most recent bullish hurdle. Thus RSI shows recovery in Cardano price until it reaches the half-line (50 mark).
Conclusion
Market turns slightly positive as Cardano sustains above $0.30 support level. 20 DMA (white) was support before breakdown, now it flipped into the most recent bullish hurdle. Bulls need to maintain price above this level.
Support level – $0.30 and $0.30
Resistance level – $0.45 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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
