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- 1 ADA price shows a retracement and has retested the 20-Day EMA mark.
- 2 Buyers have held on to the gains and are attempting a pullback.
Cardano (ADA) price signified an uptrend and noted a recovery from the bottom mark of $0.2300, resulting in a surge of over 130% toward $0.6800 in the past sessions. Moreover, the price action points to a bullish outlook, and the coin held the gains near the 20-Day EMA amidst the adverse market sentiments. ADA coin price is close to the round mark of $0.5000 and is shelving for a rebound toward $0.5300.
ADA coin is trading in the bullish territory and is maintaining gains inside the flag formation. Additionally, the coin shelves to smash the downward-sloping trendline and are endeavoring to register a breakout above $0.5500 in the following sessions. The price action illustrates a retracement of over 20% in the last weeks and is glancing bullishness on the charts. Per the Fibonacci retracement levels, ADA price has sustained gains above the 50% zone and represents bullishness.
The cryptocurrency price was $0.5078 at press time, with an intraday drop of 2.76%, showing a retracement. Moreover, the trading volume increased by 1.31% to $230.49 Million, highlighting neutrality. The pair of ADA/BTC was noted at 0.0000118 BTC, and the market cap is $18.56 Billion. Analysts are bullish and suggest that the ADA price will attain a rebound and may surpass $0.6800 soon.
ADA On Daily Chart Displays Flag And Pole Pattern
On the daily charts, ADA price rebounded from the 100-Day EMA mark and retained the 20-Day EMA mark in the last sessions. Moreover, the price action denotes neutrality and reveals a flag and pole pattern, which suggests the coin may attain a rebound soon and will skyrocket above $0.7000 in the upcoming sessions.
The Relative Strength Index (RSI) curve stays near 45, showcasing neutrality and revealing indecisiveness between the bulls and bears. The MACD indicator shows a convergence of the MA line with the signal line, suggesting a rebound in the upcoming sessions.
ADA On Weekly Chart Displays Bullish Outlook
On the weekly chart, Cardano (ADA) price noted a double bottom breakout above the neckline of $0.5000. Recently, the coin extended the bull move and reached $0.7000; profit booking was witnessed in the last sessions. However, the trend is bullish, and the coin is taking support on the 100-Day EMA and is waiting for a pullback above $0.5300.
Summary
Cardano (ADA) price halted the up move and has retested the round mark of $0.5000 in the recent sessions. Moreover, the price action signifies the bullish outlook and indicates the buyers’ dominance. However, the Cardano coin may register a breakout above $0.5300 and will surpass $0.6800 soon.
Technical Levels
Support Levels: $0.5000 and $0.4800
Resistance Levels: $0.5300 and $0.5500
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.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
