- The RSI indicates a solid bullish spike as the price sustains above the $2.5 mark.
- The ADA/BTC pair was trading at 0.00005985 BTC with a gain of 14.99%
- The 24hr trading volume in ADA coin is $8.10Billion
As the Crypto market suffered from intense selling pressure a few days back, displayed by a sudden dip in most coins out there, the ADA coin price managed to hold above the $2.5 support by providing a long lower price rejection candle and a recently formed bullish engulfing candlestick.
The current price of the ADA coin is $2.73, with an intraday gain of 15.01.
Regarding the EMA, The ADA coin price is trading above all the crucial EMA’s 50, 100, and 200, indicating a strong bullish trend.
The RSI (BULLISH) is at 56, indicating a sudden increase in bullish sentiment in the coin. Moreover, the RSI line also shows a sudden spike in the slope with the coin’s price action, indicating that the bulls are slowly gaining momentum.
THE ALONZO HARDFORK
Alonzo’s hard fork represents a major upgrade to the Cardano network and the long-anticipated implementation of smart contract functionality. Smart contracts are computer code pieces that execute automatically when certain conditions are met. Anyone will be able create and deploy smart contracts on the Cardano Blockchain. This update opens the door to native decentralized apps (dapps)
The system update is expected to be fully implemented sometime in the third trimester. It marks the end of Cardano’s Shelley era and the start of the Goguen phase. Cardano will hold a meetup tomorrow to announce when the Alonzo hard fork will end. However, there is no date set.
ADA Coin Chart in the 4hr time frame.
The ADA coin displayed proper sustenance from the $2.5 mark, providing a quick long opportunity for its traders. Moreover, the price forms a double bottom pattern that has given a positive breakout, further increasing the underlying bullish momentum.
Moreover, The ADA trades can plot the traditional pivot level in their chart, which shows remarkable confluence with the SR level of this chart, providing more confirmation in one’s trading.
The MACD indicator (BULLISH) shows that both the MACD line and the signal line are moving higher to reach the neutral (0.00) mark, indicating bullish momentum in the coin.
Conclusion: From a technical perspective, the current emotion of the ADA con is increasingly bullish. However, as mentioned, the price has managed to sustain above the $2.5 support. Therefore, the bullish breakout of the double bottom pattern should be adequate bullish pressure to kickstart the bullish rally.
Support– $2.5
Resistance- $3