ADA’s price has approached a bullish trajectory, forming a bullish flag pattern on the chart. With higher high swings and notable outperformance in recent sessions, ADA has surpassed key moving averages, poised to reach the optimistic zone above $0.7000. Technical indicators signal robust bullish momentum, marking a refreshed trend reversal.
Trading near the 20-day EMA, ADA exhibits an upward trend amid positive market sentiments in the crypto space. Notably, ADA has been a top gainer in recent weeks. The current live price of Cardano (ADA) is $0.0621, reflecting a 4.51% intraday drop, indicating a neutral stance on the chart. Trading volume has increased by 4.47% to $944.84 million. ADA/BTC pair sits at 0.0000145 BTC, with a market cap of $22.70 billion. Analysts maintain a bullish outlook, predicting ADA’s price to soon reach $0.7000.
Illustrated on the daily chart, ADA’s price forms a bullish flag pattern, signaling a bullish trend in recent sessions. The price action demonstrates a bullish bias, suggesting the potential for ADA to reach the $12 mark.
Examining the relative strength index (RSI), the curve remains in the overbought zone, undergoing a negative crossover, indicating profit booking in the market. Meanwhile, the MACD indicator exhibits convergence with the MA line, and the signal line confirms a volatile outlook for the upcoming sessions.
In the weekly chart, ADA’s price has surpassed the 200-day EMA and successfully broken out from a double bottom pattern in recent sessions. The price action indicates a consistent accumulation by buyers, showcasing investors’ persistent efforts that have decisively driven the price upward.
Conclusion
ADA’s price has staged a significant comeback, surging beyond neutrality and underscoring the prevailing dominance of bulls on the chart. The continuous buying momentum is evident in the price action, with ADA still positioned in the mid zone and poised to achieve further gains beyond $0.7000.
Technical Levels:-
Support Levels: $0.6000 and $0.5800- Resistance Levels: $0.6400 and $0.6600
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