Cardano Coin Price Analysis: ADA Coin is Preparing Itself for Next Bullish Move

• After falling from its all-time high-level, ADA bounced back to its bullish Incline trendline.
• ADA is testing 20 Moving Average after a bit of consolidation.
• ADA/BTC price pair is trading negative by 0.01% at 0.00002879 BTC.

Cardano’s price action shows a Bullish Flag Chart Pattern, which ADA is following after hitting its all-time high. The simple meaning of the Bullish Flag Pattern is to break out this channel on the upside with massive volume. After hitting this upper side level, it can test the next resistance level of $2.35.

After an all-time high, the sellers have been booking their profit, and ADA fell almost 60% ($1.85). But now it seems like buyers are getting active from here, trying to put buying pressure.

Today’s live Cardano price is $136, which is positive by 0.09% after a bit of consolidation. The last 24-hours trading volume is $881 million, which is positive by 6.23%. The buyers started to show their interest in ADA Coin from this price level.

ADA Coin has been making a higher low (which means that it is not breaking the previous low) since 22 February 2021 then to till now, it is supporting this bullish incline trendline. This price action indicates the strong bullish potential in ADA. The big downfall can’t come until it breaks this trendline.

The bullish sign has indicated a smooth-up move in the Relative Strength Index after taking support upon 30 levels in RSI,  but now rsi is showing 46 levels considered a sideways phase.

ADA broke 20 Moving Average (MA) after taking support on trendline and then it faced resistance level on 20 Moving Average. Now ADA is tasted 20 Moving Average (MA) as a support level and may breach 50 MA with massive volume.

ADA can face selling pressure in a bullish trend at the resistance of $1.93 for a short period and near $2.38 or $3.10 levels for the long term. Recent support of ADA is $1.19, and the crucial support level is near $1.03 for further trading sessions. 

Conclusion 

Now ADA seems in a bullish trend if it will not break trendline support upwards. Now ADA is trading at a reasonable price level. It may retest its all-time high again further.

Resistance level- $2.38 and $3.09

Support level- $1.03

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.