In the wake of the recent bullish resurgence in the crypto sector, the ADA price has signaled a bullish turnaround from its monthly support at $0.0124. Over the past week, this upswing accounted for a 6% uptick, enabling buyers to confront the looming overhead trendline. This dynamic resistance has consistently dictated altcoin’s correctional trend over the past two months, leaving many to speculate whether an oversupply would extend this correctional phase
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Will ADA Price Fallback to $0.22?
- A bearish alignment with daily EMAs(20, 50, 100, and 200) reflects an established downtrend
- A bullish breakout from the overhead trendline is needed to kickstart a fresh rally
- The intraday trading volume in the ADA coin is $75 Million, indicating a 34% loss
Source- Tradingview
At present, the Cardano price is exchanging hands at $0.25, registering a marginal intraday appreciation of $0.16. An examination of the daily chart unveils an atmosphere of uncertainty, characterized by the presence of short-bodied candles coupled with pronounced wicks on both ends for the past three days.
Such neural candle, particularly when encountered at a crucial resistance juncture, often hints at a heightened likelihood of a bearish reversal. Should the overhead selling pressures persist, ADA price could see a retracement of approximately 4.8%, taking it back to the $0.25 support. This support has remained unflinching for over a month, serving as a testament to a robust demand zone.
Should broader market bearish sentiments propel the coin price below the $0.24 threshold, confirmed by a daily candle closure, the bearish momentum could drive prices further down by 7.5%, to $0.22 psychological support.
1 ADA to USD = $0.2486108 -0.39% (24h) Buy / Sell
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Trendline Breakout Set 12% Rally Ahead
In light of the prevailing recovery sentiment, ADA price may attempt from the overhead resistance trendline, offering buyers a robust foundation for the next leg of its rally. If the momentum is maintained, the ensuing rally might catapult the coin price by 12%, setting its sights on the $0.28 milestone.
- Relative Strength Index: Despite the price action maintaining the same swing low at $0.24, the daily RSI presents a higher swing, signaling an increase in bullish momentum.
- Exponential Moving Averages: For over five weeks, the ADA price has consistently encountered dynamic resistance from the 20-day EMA trajectory.