ADA Price Rebounds and Joins Bullish Wave
The price of ADA is making a recovery after dropping to June lows at $0.23. The smart contracts token currently has a market capitalization of $8.8 billion and has increased by 2.5% on Friday to reach $0.2527. It is following the overall bullish trend in the crypto market.
ADA Price Poised for Breakout
After rebounding from support at $0.23, which aligned with the middle boundary of a falling channel, ADA’s price is now attempting to break resistance at the upper boundary and surpass $0.26. The bullish outlook from the Moving Average Convergence Divergence (MACD) indicator suggests that a rally to $1 is possible if market sentiment continues to improve.
To avoid sudden bull traps, it is advisable to wait for resistance at the descending channel to weaken before entering new long positions in ADA. This will also allow for profit booking starting at $0.26.
Key Milestones for ADA Price
Traders and investors can look to key resistance/support areas highlighted by the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA) to make informed decisions as ADA price climbs. The short-term outlook is strong with a buy signal from the MACD on the four-hour chart. However, the 100-day EMA at $0.2544 may cause a delay in reaching $0.26 and subsequently $0.3.
Bullish Momentum for Cardano Rally
The Supertrend indicator is now trailing ADA price, indicating a higher chance of bullish momentum backing the next Cardano rally. Additionally, a 61.8% retracement is expected from $0.23 to a confluence resistance at $0.2634 created by the 200-day EMA and the 61.8% Fibonacci level.
Hot Take: ADA Price Showing Signs of Recovery
The price of ADA is on the rise after hitting June lows, indicating a potential recovery for Cardano. With bullish indicators such as the MACD and Supertrend, there is optimism for further gains in ADA’s price. However, traders should be cautious of resistance levels and volatility in the market. Overall, ADA’s upward momentum is encouraging for investors.
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