Cardano Coin Struggles to Surpass $0.415 Barrier. Is Bullish Recovery Over?
Published 2 hours ago by
Brian Bollinger The Cardano coin price has seen a V-shaped recovery over the past six months. This bullish reversal is indicative of high buyer confidence and rapid growth in an asset’s price. The result was that the coin price rose 72% since January 1st, reaching a high of $0.42. However, the coin price is struggling to sustain above the $0.416-$0.411 resistance, indicating the ADA price may need a minor correction before the bull continues.advertisementKey Points: Amid the indecisiveness in the market, the ADA coin price forms a narrow range.
The Ccaardano coin is gaining momentum with dynamic support from the 20-day EMA
The intraday trading volume for the ADA coin is $383.5 million, which indicates a 5% gain.
Source: TradingviewOn February 15, the ADA price rebounded at $0.355 local support and a huge bullish candle. After a bearish correction that occurred in February’s first 2 weeks, this strong rebound led to a bullish candle. It climbed 17.5% to $0.42-$0.414 as the last swing high resistance. The market was uncertain and the buyers couldn’t overcome this barrier, which led to the price trend shifting sideways. Trending StoriesAlso read- Explained: What exactly is physical NFT? The price rejection candles at $0.414 showed that sellers were defending the level and tumbled the coin down to $0.39. The FOMC’s most recent meeting minutes are due to be released. However, the Cardano Coin could continue to consolidate and resonate between $0.42 and $0.385. Therefore, the holders of the coin need this range breakout in order to trigger a significant direction rally. A bullish breakout would be expected from $0.438, followed closely by $0.491. Technical Indicator. Relative Strength Indicator: The falling slope of the RSI indicates that bullish momentum is weakening and buyers may require additional support before the bullish rally can resume. AdvertisementEMA’s: The 20-day EMA moved $0.385 and the 200-day EMA moved near the $0.42 mark accentuate the narrow range formation. These EMAs will provide additional confirmation of respective trends.
Resistance level: $0.42 and $0.438
Support level: $0.38 and $0.355
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