The last six months’ price action in Cardano coin price showcases a V-shaped recovery. This type of bullish reversal indicates high confidence in buyers and rapid growth in an asset’s price. As a result, the coin price rallied 72% since January 1st and retested a high of the $0.42 mark. However, the coin price is struggling to sustain above the $0.416-$0.411 resistance, indicating the ADA price may need a minor correction before the bull continues.

Key Points: 

Amid the indecisiveness in the market, the ADA coin price forms a narrow range. 
The 20-day EMA offers dynamic support to the rising Ccaardano coin 
The intraday trading volume in the ADA coin is $383.5 Million, indicating a 5% gain.

Source- Tradingview

On February 15th, the ADA price rebounded from local support of $0.355 with a massive bullish candle. This strong bounce back after witnessing a bearish correction in February’s first two weeks indicates the market sentiment is focused on buying on dips.

Furthermore, the bullish reversal surged the coin price by 17.5% where it hit the last swing high resistance of $0.42-$0.414. Amid market uncertainty, the buyers were unable to surpass this barrier and shifted the price trend sideways.

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The price rejection candles at $0.414 indicated the sellers are defending this level and tumbled the coin to the current value of $0.39. However, with the upcoming release of the FOMC’s latest meeting minutes, the Cardano Coin may continue to consolidate and resonate within the $0.42 and $0.385.

Thus, the coin holders need this range breakout to trigger a significant direction rally. Considering the overall bull trend, a bullish breakout from $0.438, followed by $0.491. 

On a contrary note, a bearish breakdown below $0.385, may trigger a longer correction to $0.355 support.

Technical Indicator. 

Relative Strength Index: the falling RSI slope reflects the weakness of bullish momentum, indicating the buyers may need extra before the bullish rally resumes. 

EMA’s: the 20-day EMA moving $0.385 and 200-day EMA moving near the $0.42 mark accentuates the narrow range formation mentioned. A breakout from these EMAs will offer additional confirmation for respective trends.

Cardano Coin Price Intraday Levels

Spot price: $0.95
Trend: Bearish
Volatility: High
Resistance level- $0.42 and $0.438
Support level- $0.38 and $0.355 

The post Cardano Coin Struggles To Surpass $0.415 Barrier; Is Bullish Recovery Over? appeared first on CoinGape.

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Filed under: News - @ February 21, 2023 7:29 pm