NewsletterCardano Price Analysis Today: Is $ADA Price Ready to Reclaim $0.3?
Cardano Price Analysis: Amid the early June Bloodbath, the Cardano coin price found suitable support at the December 2022 bottom support of $0.24. The long-tail rejection at support reflected the strong buying pressure which hints at a higher possibility of a bullish reversal. Using this level as base support, the weekly time frame chart shows the formation of a double bottom pattern.
Also Read: Cardano Founder Points Out Two Key Upgrades, ADA Price Recovers To $0.35?
Cardano Price Daily Chart
- Higher accumulation at $0.24 hints at a potential upswing in the near further.
- A bullish breakout from the $0.3 barrier will set the ADA price for a 20% upswing
- The intraday trading volume in the ADA coin is $188 Million, indicating a 14.5% gain
Source- Tradingview
During last week’s recovery in the crypto market, the Cardano price failed to surpass the immediate horizontal resistance of $0.3. Rejection from this resistance reflects the sellers are still active and the buyers would need higher momentum to reclaim lost ground.
However, the double bottom pattern is a sign of aggressive accumulation from buyers which could trigger a significant upswing. By the press time, the ADA price traders at $0.282 with an intraday loss of 3.3%.
Under the influence of a bullish pattern, the ADA buyers could propel the price higher to challenge the $0.3 psychological barrier. A breakout above this resistance could surge the 20% and bolster the pattern completion.
Is Cardano Price Ready for Trend Change?
A potential breakout from $0.3 will give additional confirmation for a bullish upswing in ADA price. With sustained buying, the coin price should rise 55% to hit the neckline resistance of this double-bottom pattern at $0.462. A breakout above this barrier will offer an early sign of trend reversal.
- Relative Strength Index: Conversely to the same low in price action, the weekly RSI slope shows an evident rise indicator of the bullish momentum for a bullish rally.
- Bollinger Band: The lower band if BB Indiacor challenges the downside indicator the sellers are aggressive at in the current trend
- Arthur Hayes Buys UNI as CryptoQuant CEO Says Supply Shock ‘Inevitable’ for Uniswap
- Grayscale Launches Options Trading For Solana ETF as SOL Funds Record 10 Consecutive Daily Net Inflows
- Firelight Confirms November Mainnet as Flare TVL Rises and Xaman Introduces Smart Accounts
- Cardano News: Wirex Partners EMURGO To Launch First Ever ADA Card
- Hyperliquid Rival Lighter Raises $68 Million at $1.5 Billion Valuation
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
- SUI Price Prediction: Analyst Eyes $20 Amid Bluefin Partnership and 2M Token Lending Deal
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
