Will Newfound Recovery Push Cardano price (ADA) above $0.3087? - ELEVENEWS

Cardano price prediction suggests that the ADA crypto is presently moving in an uptrend after breaking out of the bear’s stronghold. The price is trading above the critical EMAs on the daily timeframe. The volume is also seeing a slight incline which indicates that there is an incline in buying and selling activity.

If the price gains buyers’ support at the present level, it could see a surge within the next few weeks whereas the immediate support level for the ADA is below at around $0.2200. The price movement is relevantly more stable for ADA crypto than other major cryptocurrencies.

The buyers have the probability of attaining the expected target if they are able to sustain the price above the 200 EMA which would put the anticipated outcomes in the bulls’ favor.

The present value of ADA is $0.2604 and it has a market capitalization of around $9.171 Billion (press time).

Cardano price has been in a bull trend for the past few months. After making a breakout, ADA crypto price has been finding consistent support from the bulls from the trendline. Observing the historical price action, it can be estimated that the 100 EMA level has been acting as a crucial supply zone.

Bulls Ensure Cardano Price Recovers Above $0.3087

Cardano (USD: ADA) has steadily seen its crypto price rise for the past four weeks, gaining 1.60%. It gained 5.90% last week. Currently, ADA crypto was trading at $0.2604 and has been trying to hold on to this level after an unexpected surge.

If it can sustain at this level, the Cardano price could reach the first and second targets of $0.2775 and $0.3087, respectively. However, if the ADA price cannot maintain this level and falls, then it could hit the closest support levels of $0.2200 and $0.2000.

Currently, Cardano crypto (USD: ADA) is above the 50 and 200-day SMAs (simple moving averages), which are supporting the price momentum. 

However, if buying volume adds up, then the price might support bullish momentum by making higher highs and make new highs. Hence, Cardano price is expected to move upwards giving bullish views over the daily time frame chart.

The current value of RSI is 57.26 points. The 14 SMA is below the RSI line at 45.76 points which indicates that the Cardano crypto is bullish.

The MACD line at -0.0001 and the signal line at -0.0024 are below the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the ADA crypto price.

Summary

Cardano (USD: ADA) technical oscillators also support the bullish trend. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the ADA crypto price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for a proper setup for the next move and avoid FOMO.

Technical Levels

• Support Levels: $0.2200 and $0.2000.
• Resistance Levels: $0.2775 and $0.3087.