Cardano Price Analysis Signal Multiple Signs of Bullish Recovery; Will ADA Hit $0.5 Before May End?
Cardano Price Analysis: For over a month, a downsloping trendline carried a correction phase in Cardano price. Under the influence of this trendline, the ADA price tumbled 20% from the peak of $0.46 to the support trendline of the channel pattern at $0.355. Amid the recent uncertainty in the market, the coin price breached the overhead trendline indicating a recovery opportunity for traders.
Key Points:
- A bullish breakout from the $0.376 resistance will release the ADA price more market uncertainty.
- The recently breached 20 EMA of the 4-hour chart flips to a suitable support level for buyers
- The intraday trading volume in the ADA coin is $174.4 Million, indicating a 51% gain
Source- Tradingview
While the crypto market suffered in indecisiveness, the Cardano price wavered in a sideways trend above the support trendline of the channel pattern. This chart pattern has carried an uptrend for the past 4-hours, offering an excellent dip opportunity as the price rebounded from the lower trendline.
The buyers obtaining strong support from the channel trendline managed to breach the correction phase carrying resistance mentioned projecting an additional confirmation for a bullish upswing.
Also Read: Best Cryptos Private Sale For 2023
By the press time, the ADA price traded at $0.37 with an intraday loss of 0.11% loss. With sustained buying, the coin price may also pierce the immediate resistance of $0.376, offering an entry opportunity to traders.
Thus, the above-mentioned support reversal, resistance trendline breakout, and a potential break above the horizontal resistance of $0.37 signal a recovery opportunity in the Cardano coin.
A potential rally could revisit the upper trendline of the channel indicating a possible 30-35% rally in the coming months to hit the $0.49-$0.5 mark.
Technical Indicator
Relative Strength Index: An explosive growth in the 4-hour RSI slope reflects the increasing buying momentum in ADA
Exponential Moving Averages: The 100 EMA moving near $0.37 accentuates the importance of this resistance level.
Cardano Coin Price Intraday Levels
- Spot price: $0.37
- Trend: Down
- Volatility: Medium
- Resistance level- $0.37 and $0.39
- Support level- $0.355 and $0.334
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