- Cardano rises by 5% according to the daily price chart
- Bulls are likely to touch the bullish triangle between $0.67 and $0.69
- ADA is at Risk of Regressing to $0.50
Cardano (ADA) price is looking straightforward bullish today bouncing back from yesterday’s dip. However, the price isn’t completely out of risk. Yesterday, the ADA fell to $0.5067 and then rose to over 5% to reach $0.5401.
ADA Price Stimulators by 5.41%
CoinMarketCap says that the ADA price rose by 5.41% to $0.5394 since this writing. Cardano’s price is largely influenced by July’s US CPI data which could stir volatility in the crypto market.
Bulls will be watching the ascending triangle, which is circling in the $0.67- $0.69 range. There are also the possibilities of a slump below the $0.51 support line.
Cardano as well as other altcoins have also been showing an upward trend, despite the impressive gains of major cryptocurrency. Bitcoin has risen by 22% to $23,600, while Ethereum’s price jumped by 88% to $11,800.
DOGE also rose $0.07 to $0.07, while XRP surged by $0.3 or $0.37 the same as SOL’s pump price of 3%.
Charts for ADA prices over the past 34 hours show that they were able to rebound from yesterday’s decline. Its current price is still above $0.5080, the 21-day EMA.
Judging by the 24-hour chart, ADA is seen to ride by the buying action hoisted by an uptrend that’s been happening since July. The ADA price formed an ascending triangle structure with a break seen at $0.55. This could allow it to jump towards the $0.67-$.69 resistance zone.
Cardano Trading Volume Surges By 17%
Due to increased buying activity, the 24-hour RSI has risen to 56.7. The trading volume also has increased 17% in the last 24 hours. A bearish divergence is also evident in the MACD curve. A downtrend may send the ADA price plummeting to $0.50 or creeping towards the 50DMA, which is $0.48.
Cardano has a bullish trend and is targeting $1.00. Cardano could see a dramatic rise in price, making it very profitable for traders. Although Cardano’s price has been remarkably low since May 2022, the “Ethernet killer” may have changed the course of events in July.
A breaking point of $0.56 may trigger a profit-making point for ADA to close at $1.00. FOMO shooting may cause a crypto bull market.
ADA market capital at $18 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from Coinpedia. Chart from TradingView.com