-ADA revived 35% off its low set a few weeks back
-Price has finally cleared mid term downtrend
-RSI is sitting coiled awaiting a bullish break
Cardano has been holding the $1.00 mark for many months now as bulls refuse to let it trade below. This has shown great strength for Cardano as it still holds over 4000% of gains since last year. Over the past few weeks the crypto market found at local bottom and ADA is up nearly 35% since. This is a decent revival but using data from other coins performance, ADA should be soon ready for a larger pump above $1.40.
While looking at the lowest major support zone from $0.98-$1.03, we can see how price has bounced off this zone twice. This is considered a double bottom and confirms a bottom is surely in for some time. Just over the last day Cardano has finally cleared over its mid term trend line and has since held. This is a great sign as price was stuck under it for nearly 2 months. Continuing to hold over this mark will likely set ADA up for a run past $1.40.
Just yesterday, ADA held the 200MA as support for the first time in over 2 months. This shows the trend shift is underway after months of downtrending. At the time of writing, price is sitting just above the minor support zone of $1.34. In the case bears take control and push ADA below this value, price will find support at its 200MA which is also met with a major support of $1.27. Anything below these two marks will likely trigger another cascade of selling.
While we view the relative strength index, we can see a large bullish flag has been forming. Once the strength can break over the top trend, we can expect a push to overbought territory which will likely be coupled with a price surge to the first given target. The MACD is consolidating tight above the 0 value which is a good sign that bulls are getting ready for another bullish push.
ADA Intraday Analysis
Spot rate: $1.36
Trend: Bullish
Volatility: Medium
Support: $1.34
Resistance: $1.38
-Price has finally cleared mid term downtrend
-RSI is sitting coiled awaiting a bullish break
Cardano has been holding the $1.00 mark for many months now as bulls refuse to let it trade below. This has shown great strength for Cardano as it still holds over 4000% of gains since last year. Over the past few weeks the crypto market found at local bottom and ADA is up nearly 35% since. This is a decent revival but using data from other coins performance, ADA should be soon ready for a larger pump above $1.40.
While looking at the lowest major support zone from $0.98-$1.03, we can see how price has bounced off this zone twice. This is considered a double bottom and confirms a bottom is surely in for some time. Just over the last day Cardano has finally cleared over its mid term trend line and has since held. This is a great sign as price was stuck under it for nearly 2 months. Continuing to hold over this mark will likely set ADA up for a run past $1.40.
Just yesterday, ADA held the 200MA as support for the first time in over 2 months. This shows the trend shift is underway after months of downtrending. At the time of writing, price is sitting just above the minor support zone of $1.34. In the case bears take control and push ADA below this value, price will find support at its 200MA which is also met with a major support of $1.27. Anything below these two marks will likely trigger another cascade of selling.
While we view the relative strength index, we can see a large bullish flag has been forming. Once the strength can break over the top trend, we can expect a push to overbought territory which will likely be coupled with a price surge to the first given target. The MACD is consolidating tight above the 0 value which is a good sign that bulls are getting ready for another bullish push.
ADA Intraday Analysis
Spot rate: $1.36
Trend: Bullish
Volatility: Medium
Support: $1.34
Resistance: $1.38
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.