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Themarketperiodical

03/24/2022

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Cardano Price Analysis: ADA coin Successfully Escaped from Falling Wedge, Sustain?

Cardano price has successfully escaped out of the falling wedge pattern over the daily chart. The crypto asset is about to recover till 100-days Daily Moving Average and is hovering towards 200-days DMA. ADA/BTC pair is CMP at 0.00002534...

Cardano Price Analysis: ADA coin Successfully Escaped from Falling Wedge, Sustain?
  • Cardano price has successfully escaped out of the falling wedge pattern over the daily chart.
  • The crypto asset is about to recover till 100-days Daily Moving Average and is hovering towards 200-days DMA.
  • ADA/BTC pair is CMP at 0.00002534 BTC and is bullish by 10.44%

ADA coin price has just escaped out of the falling wedge pattern as bulls favoured ADA coin for plenty of trading sessions. The token is gained 35% after it successfully escapes out of the wedge. ADA investors must be happy and with hopes to settle at the respectable resistance level. 

ADA is presently CMP at $1.09 and has gained 13.93% of its market capitalization in the last 24-hour period. Trading volume has significantly increased by 104.5% in the intraday trading session. Volume to market cap ratio is 0.09856. ADA investors are expecting a strong and continuous bullish rally till a respectable resistance level. ADA coin has successfully escaped out of the falling wedge pattern over the daily chart on 18th March and is marching towards higher resistance level to achieve solidarity. 

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ADA coin is bullish from past few days over the daily chart. However, bears interrupt in between but ADA made out of their way. However, trading volume over the chart is below average and needs to grow for ADA to sustain in the intraday trading session. ADA investors might look for peer buying from this point on for ADA to reach its benchmark level. 

Overbought or Sustained?

ADA coin price struggles to sustain in the overbought zone however the crypto asset is trying way hard to sustain at the higher and in extreme overbought territory over the daily chart. Stoch-RSI showcases the presence of ADA in the overbought territory. K and D both stand at 99 and 97 respectively with a minute gap and about to yield a negative crossover. It is the matter of time to see if ADA falls with a bearish rally or sustains.

MACD exhibits a different story, according to MACD, ADA Coin is currently in a bullish rally as MACD line is ahead of Signal line after a positive crossover deep into the positive zone.  

Conclusion

Cardano coin price has successfully escaped out of the falling wedge and is in a bullish rally. ADA investors might be aiming for a respectable resistance rally. However, ADA has to sustain at the current level to do so. Investors may expect a directional change over the daily chart during the intraday trading session. 

Technical Levels

Support Level: $0.75 and $0.50

Resistance Level: $1.40 and $2.00

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.

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