Cardano (ADA) Forms Double Bottom Neckline With A Significant Resistance Now Acting As Support 

During the tough trading sessions yesterday, Cardano formed a double bottom reversal pattern at the last the neckline. This confirmed that there is the possibility of an uptrend. The price met with resistance around the 0.094 level dropping back into the broken neckline in a bid to gather more momentum. The former resistance is now holding as support after it lined up with the dynamic inflection zone which is the 200 simple moving average. The 200 simple moving average is currently below the 100 simple moving average. This shows that upside holds the path of least resistance. The uptrend will most likely pick up before the bears surface.

Cardano (ADA) Price Today – ADA / USD

Name Price24H (%)
Cardano (ADA)
$0.028974
-3.04%

The technical charts show that there is a potential target upside at several points. One of such points is at the 38.2% Fib extension which is at $0.087. Another is at the 61.8% Fib extension. The strongest bullish pressure is at the 78.6% Fib level which is above $0.100. The Stochastic oscillator is currently pointing up to show that the buyers are currently in control of the market. The price may remain afloat for a while because of this. On the other hand, this same Stochastic oscillator is going close to the overbought region to show that the bulls are becoming exhausted. If it turns down again, the price may take another significant dip.

The relative strength index is above 50 level to show that there is still strong bullish momentum in the market. The Stochastic oscillator still has some space before it will reach the overbought region.

Cardano (ADA) Price Now

At the time of writing, Cardano (ADA) was trading at $0.079768. This indicates a 3.44% rise against the USD and a 2.49% rise against Bitcoin. The trading volume over a 24 hour period $70,117,637 while the market capitalization is $2,068,155,959. The next few days of trading will determine if the price action will change.

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