Cardano Price Analysis: $ADA Bulls Eyeing a 21% Upswing Amidst Support Bounce

Cardano Price Analysis: Amid the increasing uncertainty in the crypto market the Cardano price struggled to build up enough bullish momentum for a bounce back. On July 19th, the daily chart shows the formation of a bullish morning star candle at $0.3 support, as a significant sign of reversal. However, no suitable follow-up to this reversal candle indicates a lack of commitment to market buyers and the possibility of a longer consolidation.

Also Read: Cardano’s Light Wallet Lace Gets Crucial Updates

Cardano Price Daily Chart

• The ongoing recovery in ADA price will persist until the ascending trendline is intact.
• A bullish reversal from $0.3 could set a bullish upswing to 21%
• The intraday trading volume in the ADA coin is $183.6 Million, indicating a 19.3% loss.

Source- Tradingview

By the press time, the Cardano price trades at $0.31 and hovers above the psychological support of $0.3. In response to the current indecisive sentiment in the market, the 7th largest cryptocurrency could continue its lateral walk for a few trading days.

However, this sustained sideways trend may soon hit a rising trendline carrying the recovery in ADA. Over a month the dynamic support has maintained an uptrend state of new higher highs and lows. Thus, the buyers would obtain an additional footing to make a recovery push.

If the reversal price gives a closing above the morning star candle high of $0.334, the buyers would likely extend the altcoin price to the $0.35 barrier, followed by $0.382, and $0.42.

[converter id=”ada-cardano” url=”https://coingape.com/price/converter/cardano-to-usd/?amount=1″]

Will the ADA Price Rise to $0.46?

The ongoing recovery in Cardano price is the second reversal of a bullish reversal pattern double bottom. The chart setup indicates active accumulation from buyers at significant support leading to a bullish upswing. Thus, the pattern sets the coin price for a longer recovery of 47% and hits the $0.46 neckline.

• Average Directional Index: An upswing in the daily ADX slope indicates the buyers hold enough potential to lead a significant rally.
• Supertrend: A green film project in the daily chart accentuates a recovery trend in Cardano