Cardano Price Analysis: This Technical Indicator Suggests Bullish Momentum Finally, What about Breakout?

• Cardano price has been trading inside a descending parallel channel over the daily chart.
• The crypto asset has finally recovered above 20 and 50 SMA, now aiming for remaining bullish hurdles of 100 and 200-days Daily Moving Average. 
• The pair of ADA/BTC is at 0.0000203 BTC with an intraday gain of 7.18%.

Cardano price has been falling through a descending parallel channel over the daily price chart. The token tried to move out of the falling pattern but failed multiple times. However, this time a particular technical indicator has suggested that ADA is finally in the uptrend momentum. The token is trying to gain steady uptrend momentum over the daily chart. ADA bulls are trying to register the token’s breakout from the descending parallel channel. Cardano investors need to wait until bulls sustain at the verge of the parallel channel. 

Cardano price is presently CMP at $0.63 and has gained around 13.61% of its market capitalization in the last 24-hour period. Trading volume has increased massively by 110% in the intraday trading session. This shows that ADA is going through a strong buying situation, and finally, bulls are accumulating for the rescue of the token. Volume to market cap ratio is 0.04542.

Cardano price is trading with strong bullish momentum over the daily chart. The token is trying to escape the descending parallel channel over the daily chart. ADA bulls look pretty determined to register the token’s breakout. However, volume change can be seen below average and needs to grow for ADA coin to register its breakout from the declining pattern. ADA must attract more buyers to maintain the currency uptrend momentum over the chart.

Support on the lower end is at $0.45, and resistance on the higher side is at $0.80.

Supertrend Signals Bullish Momentum of Cardano Price

ADA coin price is trying to maintain its uptrend momentum over the daily chart. Supertrend suggests that finally ADA adapted to the strong uptrend momentum over the chart. ADA went through tough times as it has been trading inside a descending parallel channel. Now ADA bulls look determined to register the token’s breakout. 

Technical indicators do suggest a strong uptrend momentum. Relative Strength Index showcases that ADA has just broken out of the neutrality and is now heading towards the overbought territory. 

MACD exhibits the strong uptrend momentum of ADA coin. The MACD line is ahead of the signal line after a positive crossover. 

Conclusion

Cardano price has been falling through a descending parallel channel over the daily price chart. The token tried to move out of the falling pattern but failed multiple times. 

ADA bulls look pretty determined to register the token’s breakout. However, volume change can be seen below average and needs to grow for ADA coin to register its breakout from the declining pattern. Supertrend suggests that finally ADA adapted to the strong uptrend momentum over the chart. 

Technical Levels

Support Level: $0.45

Resistance Level: $0.80 

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.