Published 1 hour ago
Cardano Price Analysis: Amid the increasing uncertainty in the crypto market the Cardano price struggled to build up enough bullish momentum for a bounce back. On July 19th, the daily chart shows the formation of a bullish morning star candle at $0.3 support, as a significant sign of reversal. However, no suitable follow-up to this reversal candle indicates a lack of commitment to market buyers and the possibility of a longer consolidation.
Also Read: Cardano’s Light Wallet Lace Gets Crucial Updates
Cardano Price Daily Chart
- The ongoing recovery in ADA price will persist until the ascending trendline is intact.
- A bullish reversal from $0.3 could set a bullish upswing to 21%
- The intraday trading volume in the ADA coin is $183.6 Million, indicating a 19.3% loss.
Source- Tradingview
By the press time, the Cardano price trades at $0.31 and hovers above the psychological support of $0.3. In response to the current indecisive sentiment in the market, the 7th largest cryptocurrency could continue its lateral walk for a few trading days.
However, this sustained sideways trend may soon hit a rising trendline carrying the recovery in ADA. Over a month the dynamic support has maintained an uptrend state of new higher highs and lows. Thus, the buyers would obtain an additional footing to make a recovery push.
If the reversal price gives a closing above the morning star candle high of $0.334, the buyers would likely extend the altcoin price to the $0.35 barrier, followed by $0.382, and $0.42.
Will the ADA Price Rise to $0.46?
The ongoing recovery in Cardano price is the second reversal of a bullish reversal pattern double bottom. The chart setup indicates active accumulation from buyers at significant support leading to a bullish upswing. Thus, the pattern sets the coin price for a longer recovery of 47% and hits the $0.46 neckline.
- Average Directional Index: An upswing in the daily ADX slope indicates the buyers hold enough potential to lead a significant rally.
- Supertrend: A green film project in the daily chart accentuates a recovery trend in Cardano
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
