Published 52 mins ago
ADA price Prediction: The ongoing recovery in Cardano coin price hit a local resistance of $0.385. A possible bullish breakout from this barrier will accelerate the buying pressure and bolster buyers to further extend this price rally. However, a higher price rejection candle at the $0.385 level indicates the sellers continue to defend this resistance level, and thus traders should wait for a genuine breakout.
Key Points:
- A potential breakout $0.38 resistance sets Cardano coin price for a 9% upswing
- The ADA holders can maintain a bullish sentiment until the price shows suitability above the midline of the Bollinger band indicator
- The intraday trading volume in the ADA coin is $497.8 Million, indicating an 80% gain
Source- Tradingview
Being affected by the widespread uncertainty in the crypto market, the Cardano coin price showed a slow yet steady recovery in the daily time frame chart. The ADA price bullish reversal from the $0.3 psychological support has recorded 28.4% growth within the last three weeks.
With sustained buying, the coin price challenged another resistance zone of $0.385-$0.38, indicating the buyers’ attempt to prolong the bullish rally. However, in March’s 3rd week, the daily chart showed three high-week rejection candles at the $0.385 mark projecting it as a high supply zone.
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By the press time, ADA price traders at the $0.385 mark with an intraday gain of $4.54. Anyhow, interested traders must wait for a clear breakout above the $0.385 resistance to obtain a long-entry opportunity.
This potential breakout will provide buyers an additional stepping strong to prolong a bullish rally 9% higher to challenge the 2023 high of $0.42.
On a contrary note, if the daily candle closing remains below $0.38 the sellers could encourage temporary consolidation below the aforementioned resistance.
Technical Indicator.
Relative Strength Index: the daily RSI slope rising high in the bullish territory and above its last swing high indicates the growing bullish momentum and additional confirmation for a $0.385 breakout.
Bollinger Band: the midline of the Bollinger band indicator acts as a dynamic support leading the ongoing recovery in ADA price.
Cardano Coin Price Intraday Levels
- Spot price: $0.382
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.385 and $0.42
- Support level- $0.355 and $0.32
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.
