ADA Is Alive And Ready To Moon, As Long As This Happens…

ADA Price: Cardano may be down, but don’t count it out just yet. 

Covered:

• It’s Alive!
• ADA Price On The Daily
• ADA Price On The Hourly
• Closing Thoughts

ADA Price: It’s Alive!

After finding support at the 50 Week Simple Moving Average (image below, green line), Cardano (Ticker Symbol: ADA) began to rally going into yesterday’s close.  It pushed its way back above an important resistance point at $1.54 USD, and printed a weekly candle with a nice bullish wick to the downside.

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ADA On The Daily

Things are also looking promising on the daily chart for ADA.  In the past few days, we have seen two long wicks to the downside, showing that the market is currently rejecting any prices below $1.54.

This candle pattern could be seen as a cross between a “Tweezer” style bottom, and “Morning Star” formation.  Both of which are reversal patterns to the upside.

We also find the RSI (Relative Strength Index) bouncing at the “Oversold” territory, after finding its lowest point in quite some time.

ADA Price: On The Hourly

On the one-hour chart, we find ADA moving sideways, but holding support at the 20 One Hour Simple Moving Average (image below, yellow line).  Maintaining price action above that line is a sign of strength, and could mean that ADA is getting ready for another move higher.

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If the 20 One Hour Simple Moving Average does not hold as support, another backtest of $1.54 should be expected.

Closing Thoughts

In my opinion, the fate of Cardano is now in Bitcoin’s hands.  If Bitcoin can stay strong and continue higher, Cardano will continue higher too.  But if Bitcoin pulls back, then Cardano, and most other cryptocurrencies, will be pulled down with it.

Check out today’s Bitcoin analysis here.