Cardano Price Daily Chart:
A breakout above the $0.3 barrier could trigger a bullish recovery in the ADA price
The recently reclaimed 20-day EMA may act as key support to maintain the bullish sentiment
The intraday trading volume in the ADA coin is $189.6 Million, indicating a 6.5% loss
While the ADA price struggles to surpass the $0.3 horizontal barrier, the lower side projects the formation of new higher lows indicating active accumulation at discounted coin price. The rebound suggests a resurgence in buying pressure, signaling renewed interest and potential strength in the Cardano coin’s market sentiment.
Currently, this altcoin trades at $0.29 and consolidation around the overhead resistance suggests a brief pause in the bullish surge, requiring further confirmation before establishing a sustained upward trend.
Should the bullish sentiment replenish the market, it could provide the necessary impetus for ADA price to break through the $0.3 ceiling. A successful breakout would accelerate the bullish momentum and propel the coin toward the next notable supply zone at $0.354.
Will ADA Price Reclaim $0.3 Barrier?
The formation of a higher low in Cardano coin indicates the underlying bullish momentum is rising which may eventually lead to an $0.3 resistance breakout. This zone is an important threshold, and surpassing it could ignite further buying pressure and hope for potential recovery. This breakout may drive ADA price by 19% and hit the $0.354 mark.
Bollinger Bands: A notable ascent in the upper band of the Bollinger Bands suggests a strengthening bullish momentum, implying a potential uptrend in the near term.
Relative Strength Index: With the anticipated breakout, the daily RSI slope may also reclaim the midline(50%) mark offering an additional confirmation for a bullish rally.