Cardano Price Indicates a 12% Upswing in Near-Term; But Here’s The Catch

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Brian Bollinger The Cardano price has shown a classic example of a steady decline over the past seven months. The consecutive lower highs and lower lower low formations in ADA price action have pushed the coin to $0.24, a 92% drop from its all-time high of 3.1. The trendline that connects the peaks of lower highs is clearly indicating the ongoing decline. The altcoin have reverted from this trendline multiple times indicating the traders are actively selling at this dynamic resistance.advertisementKey points: The rising ADA pride breaks local resistance of $0.266, offering an additional confirmation for prolonged rally.
Buyers can take a bullish rally by taking advantage of the reclaimed 20-day EMA slope.
The intraday trading volume for the ADA coin is $275.4 billion, which represents a 24% increase.
Source: Tradingview. The Cardano price rebounded after falling to $0.24, triggering a relief rally. The coin price has risen 24% over the past ten trading days and is currently at $0.288. This suggests that there will be a sustained recovery in the near term. If the market conditions remain bearish, the altcoin will continue to rally to the overhead trendline, before returning to its downward spiral. Trending StoriesThis means that the potential rally could surge the 10-12% higher in order to revisit the resistance line. Sideline traders who are looking for entry opportunities can also consider buying at resistance breakouts. The daily RSI slope indicates a sharp rise above the 50 percent mark, which is indicative of rising bullish momentum. An indicator in positive territory increases the chances of a rally. EMA’s (EMA’s that are downsloping): The 20-50, 100, 100, 200 and 200 EMA’s do the same job as the trendline. Each of these EMA’s represents a significant resistance to bullish growth. Conversely, the rising prices reclaimed 20-day EMA which now bolster buyers for price recovery.Resistance levels- $0.3, and $0.328advertisementSupport levels- $0.267 and $0.241Share this article on:About author
The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story