Cardano Price Today: Demand Pressure at Crucial Hints $ADA Price Rally to $0.42

Cardano Price Today: Over the past three weeks, the ADA price showed several attempts from sellers to breach the long-coming support trendline. However, these attempts failed every time, indicating the buyers are aggressively accumulating at the rising support. In addition, the aforementioned trendline is part of a daily chart pattern called the parallel channel and had previously triggered a significant upswing upon a reversal from the lower trendline.

Also Read: Cardano Price Prediction 2023, 2025, 2030: ADA signals for upcoming surge

Cardano Price Daily Chart 

• The Cardano price will prolong its long-term uptrend until the channel pattern is intact
• The 200-day EMA slope moving close to the overhead resistance of $0.38 created an additional hurdle for buyers.
• The intraday trading volume in the ADA coin is $218.5 Million, indicating a 7.2% loss

Source- Tradingview

With an intraday gain of 3%, the Cardano price shows a bullish engulfing candle at the ascending support trendline. This long-bullish candle again accentuates the active buying from buyers at this support.

Therefore, until this support trendline is intact the coin holders can maintain a bullish trend sentiment for ADA. If a bullish reversal from this trendline successfully flips the near resistance of $0.38, the buyers will gain an additional footing to lead the prices to the next supply zone of $4200.

In case, the prices breached the bottom support with a daily candle closing and sufficient volume, the ADA price may witness massive correction.

Will Cardano Price Breach $0.42?

As the ADA price continues to hover above the support trendline, the buyers get more opportunities to accumulate at discounted prices. These buying activities will increase the possibility of a bullish reversal which may trigger a new bull cycle within the channel pattern. The first target of a fresh recovery cycle will likely be the $0.42

• Relative Strength Index: The daily RSI slope making higher highs reflects the rising buying pressure in the ongoing accumulation phase.
• Supertrend: The red films projection in the indicator project the short-term trend for the Cardano coin is still bearish.