Published 13 hours ago
In our previous Cardano price analysis, we highlighted that the ADA/USDT pair is following an established downtrend under the influence of the downtrend line. The coin’s price has fallen from the resistance trendline multiple times, indicating that sellers are aggressively taking advantage of the trendline to dampen potential growth in the Cardano price. However, buyers have recently breached the trendline of this resistance, and here’s how it affects the coin’s near-term price.
- The ongoing retest phase above $0.32 offers entry opportunities for interested traders.
- A bullish crossover between the 20-day EMA and the 50-day EMA offers additional buy orders in the market
- The intraday trading volume of ADA coin is $275.4 billion, representing an increase of 24%.
sauce- trading view
Due to the recent recovery in the crypto market, the altcoin has witnessed a V-shaped recovery from its 2022 low of $0.24. This recovery rally marked a jump of 46.4%, pushing the price to his current level of 0.348.
Moreover, this price recovery has broken through the $0.33 resistance and the aforementioned long-term resistance trendline. Today, the Cardano coin price has fallen 1% below his 1% and continues to exceed the value that broke the resistance.
In fact, a pullback or consolidation phase may be required to stabilize ADA prices from the recent bull market. Potential consolidation above $0.33 is valid regardless of whether buyers can sustain higher levels.
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Therefore, the post-retest rally could push ADA price up 22% to reach $0.42.
Conversely, in the case of a bearish rally, a break below $0.33 or $0.3 will offset the bullish momentum.
relative strength index: A daily RSI slope on the verge of entering overbought territory indicates that traders have overextended their buying activity. Therefore, a consolidation phase is needed to replenish the bullish momentum before ADA price resumes its ongoing recovery.
EMA’s: The downhill EMAs (20, 50, 100, and 200) that previously acted as dynamic resistance for buyers are now breaking below the ADA price. These recovered his EMAs could strengthen buyers and prolong the bullish rally.
Cardano Coin Intraday Price Levels
- Spot Price: $0.35
- trend: bearish
- Volatility: Medium
- Resistance levels – $0.425 and $0.52
- Support Levels – $0.33 and $0.3
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.