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- 1 The ADA coin price signified buying momentum and noted a trendline breakout.
- 2 Buyers have gained traction and are looking to surpass the prompt hurdle of $0.7000.
The ADA price signifies an uptrend and has noted a bullish flag pattern breakout above $0.500, which conveys the bulls’ willingness to lift the gains toward $0.700 shortly. Moreover, the price action shows that the ADA coin has retraced from the highs, retested its 100-day EMA mark, and noted a pullback. Afterward, the Cardano price managed to stretch the gains and noted bulls’ accumulation.
Moreover, the Cardano price has climbed above the key moving averages and is directing buyers’ willingness to escape the recent highs of $0.7000 to reach the blue sky zone. Additionally, the ADA coin has exited the lower high rows and made a higher low, which signals buyers have acquired strength and are ready to deliver fireworks soon.
The Cardano (ADA) coin price was $0.5576 at press time, with an intraday gain of 4.26%, showing bullishness on the charts. Moreover, the trading volume increased by 40.15% to $552.93 Million, highlighting the breakout. The pair of ADA/BTC is at 0.0000111 BTC, and the market cap is $20.39 Billion. Analysts are bullish and suggest that the Cardano (ADA) crypto price will gain momentum and surpass $0.7000 shortly.
The ADA Price on Daily Charts Reveals a Rebound from the 100-Day EMA
The coin noted a bullish flag formation on the daily charts, and bulls escaped the trendline hurdle of $0.5000 in the last sessions. Furthermore, the coin has decisively rebounded gains from the 100-day EMA and replicated its intention of retesting the highs above $0.700 shortly. Per the Fib levels, the Cardano coin has surpassed the 50% zone and is heading to the 61.8% zone.
The Relative Strength Index (RSI) curve rose from the oversold region and reclaimed the neutral region, indicating a reversal on the charts. Moreover, the MACD indicator shows a bullish crossover and suggests an outperformance outlook for the upcoming sessions.
The ADA Price on Weekly Charts Shows Bullishness
On the weekly charts, the Cardano coin noted a double bottom formation at the demand zone and decisively surpassed the neckline of $0.400 in the recent sessions. However, the price action shows that the coin price has retested the 100-day EMA, and investors are awaiting a surge to add fresh positions toward the supply zone of $0.7500 for the following sessions.
Summary
The Cardano (ADA) price signifies buyers’ accumulation and a mildly bullish outlook for the past sessions. Additionally, the buyers attempted to redirect the coin toward its supply zone and witnessed a rebound from the 100-day EMA mark. Furthermore, the price action conveys the buying momentum, and bulls will lift the coin toward $0.700 soon.
Technical Levels
Support Levels: $0.6500 and $0.5000
Resistance Levels:$0.7000 and $0.7500
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.
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.
