Cardano (ADA) Bounced Back After Dropping 24% In a Day

• ADA trades above key EMAs, supported by bullish RSI and MACD indicators.
• Potential rally awaits if ADA surpasses the $1 psychological level.

Cardano (ADA) price faced high volatility in the last two months hovering around key EMAs. However, recently it gave a massive breakout above the 50-day and 200-day EMA levels. The breakout demonstrates that buyers have an edge over the sellers.

Last week ADA price increased about 38.44% amid the announcement of Trump’s US crypto reserve. This news boosted the confidence of buyers and resulted in a significant price surge.

According to CoinMarketCap data, at the time of writing ADA price is trading at $0.94500 with an intraday surge of 17% indicating bulls’ dominance. However, the daily trading volume has slightly decreased by 16%. The volume-to-market ratio is 15.24% indicating adequate liquidity. Furthermore, the market cap is $33.2 billion and the 24-hour trading volume is $5.03 billion.

Will ADA Break Above The $1 Mark?

As per the TradingView data, ADA price has been volatile in the last few months. Over the last six months, it surged by approximately 191.65%, and over three months it decreased by 19%. Last month, it increased by almost 18% and last week it surged by 38%. Despite volatility bulls dominate the trend. 

ADA price is currently trading above the key EMAs. RSI is in the bullish zone at 57.69 suggesting bullishness. MACD is also turned bullish heading in an upward direction with a green histogram suggesting buyers’ presence.

Moreover, the trading view technical summary also supports the bullish outlook. As per the technical summary of Cardano (ADA), out of 26 indicators, only one is on the sell side, 10 are on the neutral side and 15 are on the buying side, indicating bullishness.

The Cardano (ADA) price analysis suggests that if the price successfully breaks the $1 psychological level investors may witness a fresh rally in the upcoming days.