Cardano Price Analysis: ADA Token Can Expect a Bounce By 25%
The price trend of ADA token is in a positive move during an intraday session. ADA/BTC pair is trading neutral by 2.5% at 0.00004029 BTC The 24-hour trading volume in Cardano is $2.969 Billion Source: ADA/USD on TradingView The daily...
- The price trend of ADA token is in a positive move during an intraday session.
- ADA/BTC pair is trading neutral by 2.5% at 0.00004029 BTC
- The 24-hour trading volume in Cardano is $2.969 Billion
Source: ADA/USD on TradingViewThe daily technical chart of the ADA token was rejected from the pivot level and remained below it. Based on the pivot point, the key support level is $1.15. However, if it goes higher, the basic observational resistance is $1.75. Therefore, the chart also has a doji candlestick pattern, which means that neither the bulls nor the bears can control the price changes of the currency.
The moving average (MA) composed of 50,100,200-MA is a strong support for the changes in the token price. Investors may think that the price is moving above the yellow line and below the blue line, thus ensuring the upward trend of ADA until the price remains above MA-200.
The RSI (Neutral) value is 49, which represents the currency’s flat trend. Therefore, investors may see the index skewed. For future trading sessions, you may stay in a positive zone.
Volume (316,459K) is lower than the 20-day moving average (2,898M). The trader’s goal is to low trading volume in order to push their price level into the positive zone. Investors can also observe sufficient volume on the chart, which indicates that a big move is expected soon.
Cardano (ADA) Token Price Framing Higher Highs
ADA token is at $1.39, with a daily gain of 5.8% and a weekly gain of 9.2%. In addition, the price got rejected from the pivot level but stayed above 200-MA. The RSI indicator shows a neutral signal, and the traders have guided the low trading volume. Technically, the price is showing strength and sustains above the support level and 200-MA. Therefore, as with overall market sentiment, the trend remains bearish.
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