- The Cardano price has given a breakout from a bullish flag pattern in February.
- ADA coin’s price has jumped 17% in the last seven days.
- Technical indicators summary suggested neutrality over the current ADA price.
The Cardano price experienced a 57% upsurge in December 2023. It substantially boosted crypto investors and gave them a positive, more comprehensive outlook. However, the price took a major bullish correction in January 2024, resulting in a short-term fall.
Subsequently, the price declined by over 16% to the $0.45 decisional point of interest (POI). It formed a bullish flag pattern during the bullish correction on that POI, which later got broken on February 10, 2024. It reflected bullish impressions in the price.
ADA coin price gave over 31% return in February 2024. The $0.49 support level becomes a bullish POI for the crypto traders. The price has surged 14.79% in the present month, reflecting a strong bullish bias.
The current price has exceeded the previous month’s high price of $0.70 and is moving toward the $0.94 supply zone. 24-hour trading volume has increased by 52.67%, ranked 16th among all the 8,989 active cryptocurrencies.
Cardano Crypto Technical Indicators Analysis
The ADA coin price witnessed higher trading volume increases in December. However, it went down at the end of January 2024, which became a correction phase for the price. The chart shows that the volume is increasing after February 26. At present, the current volume is 1.31 billion.
Moreover, the social dominance peaked in December, which was above 3.80%. Afterward, the dominance declined, though it increased in early February 2024. The current social dominance is at 1.057%.
Price Analysis of the Cardano Crypto
The short-term outlook lies above the key exponential moving averages on the bullish side. The 50-day and the 200-day EMAs have been acting as dynamic supports, and the ADA price bounces back after the retracements.
Cardano price has given a breakout from a bullish flag pattern at $0.54. Afterward, the price broke above the $0.69 resistance. Recently, it got a solid bullish response from the $0.57 level, indicating an upcoming bullish rally.
The analyst’s short-term positive forecast assumes the ADA price to attain a high of $1.00 as a target for May 2024. On the other side, the bearish view of analyst’s hopes for the price to break below the recent support of $0.54 to reach the $0.49 target.
Summary
The Cardano price is reflecting a bullish outlook in the current trading phase. It has given a breakout from a bullish flag on February 10, 2024, which shows investors’ positive sentiments. ADA price can achieve $1.00 above the $0.79 immediate resistance till May 2024 and can drop to $0.49 if it closes below $0.57.
Technical Levels
- Resistance Levels: $0.79 and $0.98
- Support Levels: $0.57 and $0.45
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 crypto