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๐ฅ๐ฅCardano Price Analysis: Bottom Formation at $0.4 Allows $ADA to Rise by 15%
#Cardano Price Analysis: #ADA the domestic cryptocurrency of the Cardano ecosystem, has stopped the correction trend with support at $ 0.428. The demand pressure on this floor is evidenced by the multiple low price rejection candles on the daily chart observed over three weeks. Will the Bitcoin price try to regain $60000, will it support the ADA price in such a way that it offers a sustainable bottom above $0.4 and will it return to the recovery trend?
The near-term trend in the Cardano price is still bearish, as evidenced by the bearish trend on the daily chart. This dynamic resistance reduced the altcoin value from $ 81 to $ 0.39, recording a 50% loss.
However, the ADA price witnessed an increase in demand pressure above $ 0.4, which prevented further correction of the asset. With the reversal of the Bitcoin price from $ 56500, the ADA price bounced back from 9% to reach the current trading price of $ 0.456.
Moreover, a recent tweet from the famous cryptocurrency trader alicharts discussed a potentially bullish trend for Cardano (ADA). Alicharts drew attention to a buy signal on the ADA daily chart using the TD Sequential indicator, which is respected for its ability to identify turning points in price trends. This indicator indicates a possible end to the latest corrective phase of the ada and a recovery in the price may occur in the next one to four days.
Thus, a daily candle closing above the general trend line will support the recovery theory and allow buyers to challenge the $0.52 barrier.
Technical Indicator:
Relative Strength Index: The high low pattern on the daily RSI slope highlights the rising bullish momentum for the ADA price around the $0.4 level.