Bulls Entered the Zone, Cardano Crypto Price Advanced Over 7%

• The ADA crypto price surged 7.76% during the weekly trading session.
• Moving averages show a bullish signal, while the oscillators are neutral in the current phase.
• 24-hour trading volume has reached over $418 Million with an increase of 15.95%.

Cardano (ADA) is a proof-of-stake (PoS) blockchain platform founded in 2017. Agriculture companies use this platform to track fresh produce from field to fork. The platform allows educational credentials to be stored in a tamper-proof way. 

The ADA token price has been reflecting bearish sentiments since March 2024. However, the price shows some sort of recovery in the current month with over 9% positive upsurge.

Bullish Resurgence in Cardano Price! ADA Token Performance

The ADA crypto price has shown tremendous bullish upsurges from the end of January to early March 2024. The crypto recorded over 80% bull run to the $0.81 Resistance level. 

However, the price faced a correction phase after reaching that resistance and ended up dropping below the $0.56 key bullish point of interest (POI).

Consequently, the decline in price below that key bullish POI has shifted the market sentiments bearish. The price reached the $0.39 major demand zone, which buyers are eagerly waiting for. They surged the Cardano price over 30% and are maintaining congestion in the demand zone.

Price Volatility & Social Dominance Analysis

The social buzz of the Cardano crypto rose over 2% in February 2024, which positively impacted the price as well. However, social dominance has faced consistent declines since then, which has also had a negative effect on the price. 

After April 9, a strong drop in price can be seen in the chart with high price volatility, reflecting the fear and greed psychology of traders. In recent sessions, the social sentiments seem to be rising, currently covering 1.18% dominance.

Technical Analysis of the Cardano (ADA/USD)

The key exponential moving averages (EMAs) had a death crossover, reflecting bearish sentiments. The 50-day and 200-day EMAs can act as dynamic support for the price until it rebounds back.

The current ADA price is moving between a narrow range of $0.52 and $0.39 levels. The price has given a breakout from a trendline, which is forming from the $0.81 resistance level. In the last few sessions, the price formed several bullish candles from the $0.44 demand zone and is surging upward, reflecting a bullish look.

The relative strength index (RSI) shows strong bullish momentum in the current phase, indicating the bulls’ domination. The RSI is moving at 54.39 above the SMA line.

Summary

Since mid-March 2024, the Cardano price has been performing with bearish sentiments. The crypto price reflected around a 50% drop in the major demand zone. The current price is moving between a narrow range. However, strong buying from the $0.44 demand zone has started, which is indicating an upcoming bull run.

Technical Levels

The immediate support for the ADA price was $0.39 when writing, and the $0.62 level is the next resistance. If the price closes after any of these mentioned levels, the price may move in that direction.

Disclaimer

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