Just like Bitcoin, the major altcoins have consolidated or fallen on the charts. Cardano (ADA), for example, recently broke below its $ 0.50 support line. While Cardano looks bearish on the longer time frame, within the last 24 hours, however, ADA was able to make a significant increase.
Cardano Gained 13%
For the shorter time frame, ADA on the charts has indicated that there may be a price reversal. ADA has increased significantly by 13% in the last 24 hours. Previously, the bulls had gone back for a long time as the purchasing power remained low.
Currently, $ 0.50 is acting as a direct resistance level for Cardano. Immediate support levels are between the $ 0.44 and $ 0.40 price levels. If the wider market recovers and purchasing power becomes more consistent, a price reversal in Cardano (ADA) may be expected.
ADA is trading at $ 0.52 at the time of writing this report. Since April, the base has formed a descending channel, indicating bearishness on the chart. Recently, ADA broke out of the downstream channel and fell below $ 0.50.
Currently, $ 0.56 serves as the price limit closest to the coin. If Cardano is able to break the price barrier, the base could trade close to $ 0.58. On the other hand, a break below the $ 0.47 ADA price level will push prices between $ 0.44 and $ 0.40.
The bears are still in charge
Falling below that level could even build ADA as low as possible. The size of the coins dropped significantly. That means the bears are still in charge.
Cardano has shown signs of a price reversal on the four-hour chart. The price of altcoin has tried to scale above the 20-SMA line. For now, though, the sellers still have the momentum in their hands.
The Relative Strength Index is going up. This means that the price on the chart is bullish. Buyers are returning to the market and increased demand could drive the value above the 20-SMA.
Increased demand is bringing ADA close to the $ 0.58 price level. Then chances are the base will try to reach the $ 0.70 price level.
The ADA Awesome Oscillator is displaying green histograms, indicating a change in price momentum. Moving Average Convergence Divergence is making a bullish trasover and showing green histograms.
Green histograms mean that the coin may try to move higher in the upcoming trading sessions.
Text credit: Newsbtc
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