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After an explosive rally in January, the Cardano coin witnessed a minor correction as a method to replenish the exhausted bullish momentum. As a result, the coin price lost 12% since last week and retested $0.357 support. However, the ADA price experienced significant inflow today and tries to undermine the correction loss; is this the beginning of a bullish recovery rally?
Key Points:
- A bullish engulfing candle at $0.357 support indicates a higher possibility for the Cardano coin price to challenge $0.4
- The rising ADA price managed to reclaim the 20-day EAM
- The intraday trading volume in the ADA coin is $451 Million, indicating an 18% gain.
Source- Tradingview
The last three months’ price action in Cardano coin price showed a V-shaped recovery. This term is often used to describe a quick bounce back of an asset’s market value as the market sentiment recuperates.
However, with the recent sell-off in the crypto market, the ADA price witnessed a minor correction and plunged to local support of $0.355. Anyhow, after a rapid correction, this correction was beneficial for ADA holders as it stabilized the buying pressure and checked the coin’s stability at a higher price.
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Over the last five, the daily chart showed lower price rejection at $0.355 mark, accentuating the buyers who are defending the newly reclaimed footing. Amid the recent release of January CPI of 6.4%, the crypto market reacted positively and pushed a majority of major coins higher.
With sustained buying, the bulls may dive 4% higher and challenge the last swing higher of $0.4.
Technical Indicator.
Relative strength index: the daily RSI slope jumps above the midline, indicating the positive sentiment in returning to the Cardano coin
EMA’s: A bullish crossover between the 50-and-100-day EMA may bring more buying orders in the market.
Cardano coin price intraday levels
- Spot price: $0.38
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.39 and $0.465
- Support level- $0.378 and $0.3545.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
