Cardano Price Recovery Strengthens; Forms a Bullish Trendline

  • Cardano price has continued yesterday’s price recovery
  • SMA lines have recently formed a bullish crossover; breaches the lower high pattern
  • ADA coin is trading well above $0.035 (the Fib retracement level of 38.20%) since yesterday; likely to continue the uptrend

To the relief of the investors, Bitcoin has reclaimed the price range above $7000 yesterday and is maintaining a mild upward trend today also. Resonating to its price trend, ADA coin has also started to trade with a bit of bullish impact as it heads towards the $0.040 price mark.

Cardano Price Prediction

Cardano started trading yesterday with an opening price at $0.034, and after a sharp spike above $0.035, the coin tumbled to $0.033. Here, it saw a support level to start a notable rebound journey. ADA coin cleared resistance level near the Fib retracement level of 78.60% ($0.0339) along with a few more price barriers. Cardano price went as high as $0.037 and then traced a lower high pattern.

However, the bearish pattern has been breached recently as today, the coin has resumed the uptrend and is trading above $0.036 at 05:36:44 UTC.

Cardano Price Chart By TradingView

The SMA lines have just formed a bullish crossover as the short-term SMA line has moved above the long-term SMA line. The coin is about to touch the 0% level of the Fib retracement while the MACD chart appears negative. RSI, on the other hand, is at 58, noting a stable phase.

Despite the current uptrend, ADA coin is trading under selling pressure. Cardano may face resistance levels at $0.03765, $0.03926, and $0.04142 while its support levels stand at $0.03388, $0.03172, and $0.03011.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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