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- 1 ADA price shows a breakout and is heading to claim $0.500.
- 2 Cardano price shows bullish momentum and exceeds the key MA.
Cardano price action noted massive buying momentum and is expected to make it to the immediate mark of $0.500 soon. Moreover, ADA price could rise further by 10% and extend the ongoing bullish trend. Cardano price achieved momentum and spread the bullish wave, which trapped the sellers and buyers, leading the rally over the past number of sessions.
Cardano price has recovered the gains from the demand zone of $0.2500, noting a double bottom pattern near the bottom. Afterwards, ADA price recovered slowly & steadily and noted a breakout on the chart. Furthermore, the ADA crypto attained strength and has higher highs amid the fresh crypto supercycle among its peers.
The live price of Cardano (ADA) is $0.4487, with an intraday gain of 5.48%, showing bullishness on the charts. Moreover, the trading volume increased by 5.25% to $874.15 Million. However, the pair of ADA/BTC is at 0.0000102 BTC, and the market cap is $16.39 Billion. Moreover, analysts have maintained positive ratings and suggest that ADA price may continue to accumulate the gains in the coming sessions.
Cardano Price Gaining Steadily on Daily Chart
On the daily chart, Cardano price witnessed a range breakout and was heading to reach the immediate swing mark of $0.500. The technicals display the outperformance, and consecutive buying was seen in the recent sessions. Currently, Cardano market demand exceeded supply by nearly 20 Million ADA. This clearly indicates that the bulls have acquired momentum and are looking to skyrocket ADA.
The RSI curve stayed in the overbought zone, forming a positive divergence on the chart that replicates the bullish outlook.
The MACD indicator shows a bullish crossover and green bars on the histogram, suggesting that ADA has the potential to reach $0.5000 on a short-term basis.
Weekly Charts Displays Trendline Breakout
On the weekly chart, Cardano price has surpassed the upper trendline and exceeded the 50-day EMA sharply. However, the ADA price is now facing the 100-day EMA barrier and is now pausing the rally. Cardano price has escaped the 61.8% Fibonacci retracement zone, replicating the breakout on the chart.
Summary
Cardano price shows massive follow-on buying and has surpassed the trendline barrier of $0.4000, confirming strong buying intent in the recent sessions. Moreover, the price action displays the short covering, and buyers look confident and persist in extending the rally.
Technical Levels
Support Levels: $0.4400 and $0.4000
Resistance Levels: $0.4800 and $0.5000
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.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
