Cardano (ADA) Bulls tag strong against bearish reversal to overturn yesterday’s 12% loss
Cardano (ADA) bulls tag strong against bearish reversal to overturn yesterday’s 12% loss
Yesterday we were bearish on Cardano (ADA) as a set of major stochastic bars had formed as a small pullback and turn. However, it looks as though those bears have been met with a powerful rally that has reversed the entire market and now Cardano has broken above the 12% selloff of yesterday’s surge to close the session with a gain of 12%. This isn’t entirely surprising given yesterday’s close, as the market had seen a few days of strong buying to help push the price to top the 12% level. However, the fact that the market has reversed that move to close the day on the upside is a strong signal that the bulls are regaining traction.
Cryptocurrency bulls are out in full force on Tuesday, as the Cardano (ADA) and Tron (TRX) pairs continue to dominate the top 10 trades in the world cryptocurrency market. The Cardano/USD pair is up 12% on the day as of this writing, and stands as the 9th largest digital asset on the market by market cap. The Cardano (ADA) is also up 12%, after yesterday’s 12% loss.. Read more about ada price prediction and let us know what you think.
Summary of the situation
Cardano broke above the 200-day exponential moving average at $1.71.
ADA is in a downtrend with a high at $1.77 and a long red candle at $1.70.
Cardano price analysis: Price Overview
Cardano’s price broke above its 200-day exponential moving average at $1.71 today, even after a 12% sell-off yesterday on the daily chart. The currency was rejected in the early morning hours after a sheared uptrend to $1.77. However, the wedge was broken by a descending triangle with support at $1.74, where buyers consolidated enough strength to push the price to an intraday high of $1.78. However, the bulls were not strong enough to hold the price at $1.78 per ounce, where they encountered strong resistance from sellers. As a result, further weakness in Cardano’s price is heading towards $1.75 and just above key support on the 1-hour chart. At the time of writing, ADA is in a downtrend with a high at $1.77 and a low around $1.75, with a long red candle trying to break the important support line at $1.74. The bears have already taken over and are moving away from the 50-day moving average at $1,766. In addition, the same hourly chart shows a bearish MACD cross, suggesting that price is approaching oversold territory, which is not a good sign for the bulls, who should consolidate broader market support by exiting the bearish channel. A possible breakout above the top of the triangle at $1.77 could lead to a rally from the 4-hour low at $1.67. The bulls are betting on an imminent rise in the relative strength index, which has already corrected slightly to 41, which is a positive buy signal. So far, however, we can only conclude that the market is bearish.
Gimbal price analysis: Cardano price movement in the last 24 hours
Cardano (ADA) opened the daily chart with an uptrend channel after it closed yesterday in the downtrend channel ending at $1.69. ADA maintained momentum to $1.77, but then corrected to $1.74 in the face of selling pressure, where it formed support. At this point, buyers have consolidated enough strength that has led to a daily high of $1.78 in a rising wedge pattern. The opening price on today’s daily chart is also an intraday low, suggesting that buyers are doing their best to get the price under control after yesterday’s downward trend. Source: Tradeview
Cardano1 hour price chart
At press time, Cardano (ADA) is trading at $1.71 after breaking a key support level of $1.74 on the hourly chart. If buyers fail to rise, the next immediate support lies at $1,653 and in demand areas at $1,488 and $1,566. On the other hand, if the RSI holds, buyers could enter the market and catalyze a +10% rally that would push Cardano to $1.83. Source: Tradeview
The price of Cardano and several other coins fell after Elon’s comments about breaking with bitcoin. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The Cardano (ADA) price has made a bullish move in the last 24 hours, gaining over 12% against the US Dollar. Price has broken above a major support level at 0.00004 and is currently trading around 0.000046.. Read more about ada cardano news and let us know what you think.
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