Cardano Taps on Strong Buy Mode; Sustains the Price Rise

  • Cardano opened today on a bullish note; ADA has survived the recent price plunge
  • As compared to yesterday, ADA is up by more than 10%; yesterday’s price dips have turned into today’s support levels
  • The coin has just formed a few bullish candles; the price may escalate soon
  • Technicals are showing a positive picture

Slowly, all the cryptocurrencies are uplifting their price trend, and Cardano is no more an exception. The altcoin is already trading with a strong buy sentiment at the moment. Considering the current price path, bullish breakouts can be predicted.

ADA Price Chart

Cardano News
ADA/USD Chart By TradingView

Yesterday’s opening price of Cardano was $0.044 while it was holding a bullish bias. The coin has been steadily rising after the first week of this month. Resuming the same, ADA coin has noted an increase of 10.66% along with a bullish trendline. After a bit of correction, the coin ended the day at $0.0479.

Today, after plunging a bit near $0.047, the price has rebounded, and it may trade above $0.050 soon if the uptrend remains intact. Here, RSI is at 37, showing no extremities and MACD is in the bearish zone awaiting to have a bullish crossover.

ADA Price Chart with Fib Retracement

ADA News

The Fib retracement shows how Cardano coin has cleared major resistance levels over a day. Yesterday’s corrections and the recent price plunge has formed decent support levels. However, today, ADA has faced resistance at $0.04873, a little above yesterday’s surge. In this chart, Bollinger bands are heading towards a volatile phase.

Notably, Cardano’s current price moves indicate that the coin is likely to continue its bullish sentiment as it has already traded above the 0% Fib retracement level once. It is to be seen whether the altcoin will manage stability above $0.050 after the expected surge.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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