Cardano Price Analysis: What do you think of ADA rising nearly 10% as BTC manages $30K level?

Cardano (ADA) is looking in recovery mode after a reversal from monthly lows.
The 50-day exponential moving average was an important selling point for the bears in the context of the daily price chart.
The Cardano coin belonging to the bitcoin pair is trading at 0.0000189 satoshis, down a little over 0.3%.

Following a bloodbath in Cardano (ADA) for much of the previous week, the main cryptocurrencies battled to rise over the weekend, resulting in a nearly 8% gain in overall market value.

Cardano (ADA) coin looks volatile following the trend of the market leader. During the lower time frame, ADA investors lost the $0.750 mark (an important support level), which is now acting as an upcoming bullish hurdle.

In terms of the hourly price chart, ADA broke out of a short-term declining trend with an upside trend, but it entered a consolidation phase in a narrow range. Meanwhile, the market capitalization appears to be neutral at $19.2 billion according to CMC’s data for the last 24 hours.

At the time of writing, ADA is trading at $0.571 with a 1% low presence. Similarly, the Cardano coin belonging to the bitcoin pair is trading at 0.0000189 satoshis, up a little over 0.3%.

On the daily price chart, sellers have a significant selling area near a sloping trend line (white). However, traders saw a drop of around 7% in its trading volume, indicating a sideways trend for Cardano.

Last chance to buy ADA in dip

In the context of the daily price chart, the RSI indicator is trending towards a semi-line, which suggests a recovery for ADA. Similarly, the ADX indicator shows strong bullish momentum for the Cardano coin.

Conclusion

There is no doubt that the bulls are struggling to gain dominance over the Cardano coin, but they look vulnerable due to the current crisis. However, they are handling the high momentum of ADA coin well.

Support level – $0.4 and $0.30

Resistance level – $0.7 and $1.0

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.

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