- The ADA coin price has given a breakout from a flag pattern at the $0.53 level.
- The EMAs showed strong positive signals, while the oscillators reflected neutrality.
- Cardano gained 36% more value during the monthly trading session.
Founded in 2017, Cardano (ADA) is a proof-of-stake (PoS) blockchain platform. It aims to allow changemakers, innovators, and visionaries to bring about positive global change. The open-source project redistributes power from unaccountable structures to the margins to individuals. Cardano is secured through a PoS protocol known as Ouroboros, which can improve its security and consume less energy.
Cardano Price Delivered 200% Returns in the Last Six Months
On June 10, 2023, the ADA coin price got a robust bullish reaction from the $0.21 extreme support level. The bullish response created a demand in this particular zone. The price surged 74% to the $0.38 supply level and fell to the $0.25 demand level.
The whales entered the $0.25 level on October 20, 2023, resulting in a breakout of the $0.38 supply level. After the breakout, the price consolidated on that level and triggered another impulsive bullish rally. It surged over 80% to the $0.68 resistance level.
Crypto traders started booking profits at that level. This resulted in a bullish correction in the form of a bullish flag pattern. The Cardano price got a bullish rejection from the $0.47 decisional point of interest (POI) on January 23, 2024, which is leading the current rally.
The ADA coin price is holding 76.12% less value than its all-time high price, which is at $3.10. The trading volume has increased by 44.93% in the last 24 hours, ranked 23rd among all the 8,961 active cryptocurrencies.
Technical Analysis of the ADA Coin Price
The ADA coin price has gotten a bullish rejection from the 50-day EMA. It makes the 50-day EMA a strong support for the current price. The 200-day and the 50-day EMAs are moving below the current price, reflecting a strong uptrend.
The ADA price has given a breakout from a bullish flag at the $0.53 level. Crypto traders have completed their bullish target at the $0.68 resistance level. However, it got an extremely bullish reaction from $0.56, indicating a continuation of the bullish trend.
The current price is facing resistance from the $0.79 initial level. In the last trading session, it took support from the $0.68 resistance level, reflecting the bullish presence. If the price closes above $0.79, it may soon reclaim $0.90.
The relative strength index (RSI) reflected an internal bearish divergence in the price momentum. It indicates that the sellers hold more strength in current trading sessions. RSI is moving at 61.67 below the signal line.
Summary
Overall, the Cardano price has been moving in a bullish trend since October 2023. Recently, the price gave a breakout from a bullish flag pattern. It also got a solid bullish response from the 50-day EMA, indicating a strong uptrend. The current price is facing resistance from the $0.79 level. If the price closes above that level, it may soon reach the $0.90 resistance.
Technical Levels
- Resistance Levels: $0.79 and $0.90
- Support Levels: $0.56 and $0.44
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.