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- 1 ADA price bounced from the bottom zone of $0.2400.
- 2 Bulls are ushering in domination and are attaining traction.
Cardano (ADA) price produced a rebound and is attempting to surpass the foremost hurdle of $0.4000. The bulls tried their best, but multiple rejection candlesticks signal the strong presence of bears. ADA price has halted near the 20-day EMA mark. However, the technicals indicate that ADA may continue to struggle and bulls will face strong challenges to register the breakout. Cardano price is above the significant moving averages and is close to the $0.3500 mark, the immediate support zone.
Cardano (ADA) price has approached neutrality and is trying to consolidate there. Buyers are showing their interest to surpass the barrier. However, the sellers maintained a strong grip and did not allow the bulls to escape.
The live price of Cardano (ADA) is $0.3592 with an intraday drop of 2.45% showing neutrality on the charts. Moreover, the trading volume increased by 3.09% to $394.02 Million while the pair of ADA/BTC is at 0.0000990 BTC. However, the market cap of ADA is $13.12 Billion. Analysts are neutral and suggest a growth outlook for the upcoming sessions.
Will ADA Succeed in Breaking Out Above $0.400?
On the daily chart, cardano price is trading near neutrality. Buyers are trying to flee the near-term hurdle of $0.400, while the sellers too have a strong grip.
The RSI curve stayed above the midline and showed a negative divergence, resulting in rejection from the neckline of $0.400.
The MACD shows a bearish crossover and red bars on the histogram, indicating equal interest of buyers and sellers.
Weekly Charts Shows Range Bound Moves
On the weekly chart, ADA price is still trading in a narrow range and is close to the upper neckline of $0.400, which if crossed, would lead to a sharp run toward the swings of $0.4300 followed by $0.4500. Moreover, the chart shows a double bottom near the support mark of $0.2500 and a pull-back.
Summary
Cardano (ADA) price showcased a pullback and is encountering rejection near the resistance zone of $0.4000, where bulls tried their best, but failed to break out. However, the buyers still have momentum, and are holding the gains near the 20-day EMA mark. Furthermore, the battle is at an interesting stage and investors are keeping an eye.
Technical Levels
Support Levels: $0.3200 and $0.3000
Resistance Levels: $0.4000 and $0.4200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
