Is $ADA Price Ready To Reclaim The $0.4 Mark? – Crypto News – Crypto News
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Is $ADA Price Ready To Reclaim The $0.4 Mark? – Crypto News

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Cardano Price Analysis: Today, the crypto market experienced increased selling pressure, leading to a downward trend in several major cryptocurrencies. As a result, the Cardano price is down 1.22% and is approaching the support trendline of the rising channel pattern, Historically, this ascending trendline has acted as an active accumulation zone for traders which usually results in a massive recovery cycle.

Also Read: Cardano Price Prediction 2023, 2025, 2030: ADA signals for upcoming surge

Cardano Price Daily Chart

  • The Cardano coin price maintains an overall bullish trend until the channel pattern is intact
  • A breakdown below the lower trendline will signal the resumption of the prior downtrend.
  • The intraday trading volume in the ADA coin is $189.5 Million, indicating an 0.97% gain.

Cardano Price AnalysisSource- tradingview

On May 28th, the ADA price gave a bullish breakout from a local resistance of $0.38 in anticipation of kickstarting a new recovery rally. However, with the increasing selling pressure in the market, the buyers failed to sustain this level and plunged below $0.38 again.

This breakdown plummeted Cardano coin price to $0.37 and is likely to tumble another 2% to hit the ascending trendline. Over the last five months, altcoins have rebounded from this support thrice indicating a strong buying zone.

Thus, the ADA price is likely to bounce off this level and recover the bullish momentum. If a potential reversal occurs, the buyers may drive the price to reach $0.42, followed by $0.46, and $0.5.

Will Cardano Price Tag Mark $0.4?

A potential bullish reversal from the support trendline will recuperate the bullish momentum in ADA price. In theory, a reversal from a lower trendline bolsters buyers to carry a recovery cycle back to the upper trendline. Thus, the resulting recovery may push the Cardano price to the first target of $0.42.

  • Bollinger bands: The bands of the BB indicator Squeezed significantly indicate the ADA price is currently in a highly volatile phase.
  • Vortex Indicator: The VI+(blue) and VI-(orange) slope in a bullish crossover state reflect the market trend is bullish.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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