- As seen on the daily price chart, Cardano is up 5%
- The bulls range from $0.67 to $0.69 . There is a possibility of touching the bullish triangle till
- ADA $0.50 . risk of retreat
Cardano (ADA) price is clearly looking bullish today, reversing from yesterday’s decline. However, the price is not entirely out of risk. ADA dropped to around $0.5067 yesterday and then rose by over 5% to $0.5401 today.
ADA prices hiked by 5.41%
According to CoinMarketCap, the price of ADA is up 5.41% or $0.5394 as of this writing. Cardano price is largely influenced by the July US CPI data which could increase volatility in the crypto market.
The bulls are eyeing an ascending triangle near the $0.67 to $0.69 range and there is a possibility of a downside break below the $0.51 support line.
Cardano and other altcoins are also showing an upward trend, with major cryptocurrencies registering notable gains. Bitcoin is up 2% to reach $23,600 while Ethereum has increased its price by 8%, or $1,800.
Notably, DOGE also rose to $0.07, and XRP rose by 3%, or $0.37, in the same way that SOL increased the price by 3%.
The 34-hours chart of ADA price is showing that it was able to make a strong bounce back from yesterday’s bearish move. However, its current price remains above the 21-day EMA which is providing support at $0.5080.
Looking at the 24-hour chart, ADA is seen to be riding off buying action sparked by an uptrend taking place since July. ADA price recently formed an ascending triangle pattern with a breach of $0.55 that could lead to a jump from $0.67 to $0.69 near the resistance area.
Cardano trading volume up 17%
Besides, the 24-hour RSI has risen to 56.7 after increased buying activity. Trading volume has also increased by 17% in the last 24 hours. Furthermore, the MACD curve shows a bearish divergence. A downtrend could bring ADA price down to $0.50 and also creep into the 50DMA spotted at $0.48.
Cardano is showing a bullish movement with a target of $1.00. The price of Cardano could explode and rise, making it extremely profitable for traders. Cardano’s price was seen rocky since May 2022, but the so-called Ethereum killer may have turned the tables around this July.
From a technical point of view, a breaking point at $0.56 could trigger a breakout point for ADA price to close 100% of gains to $1.00. The crypto bull run could be induced with a FOMO shooting at $1.25.
ADA total market cap at $18 billion on the daily chart | Source: TradingView.com Featured image from Coinpedia, Chart from TradingView.com