ADA Rebounds off of Lower Bound of Bullish Chart Pattern -Breaking
- The price of (ADA) fell within the past 24 hours.
- The 4-hour chart shows a bullish trend in USDT/ADA.
- ADA’ s price rebounded from the lower bound of the chart pattern over the last day.
Cardano (ADA), although it experienced a decline in price over the past 24 hours, is up for the next seven days.
CoinMarketCap reports that ADA’s price has fallen to $0.5921 over the past 24 hours. That is an average 3.07% price drop. ADA’s price is still in the green over the last seven days, however, posting a weekly gain of around 5.62%. The 24-hour chart is now a little different from the weekly positive gains that ADA has made over the last seven.
ADA is currently in 6th position on CoinMarketCap’s list in terms of market cap. This puts it in sixth place, behind (BNB), in 5th, and ahead (XRP) at 7th. ADA’s market cap currently stands at $19.99 billion.
ADA saw a 24 hour trading volume of $1240,253,829 for a 33.60% rise over the previous day.
ADA recovers from the ascending triangle barrier
The 4-hour chart for ADA/USDT shows an ascending triangle, which is a bullish pattern.
Over the last day, it seemed that ADA would break below the chart pattern but rebounded in the positive direction shortly after touching the pattern’s lower bound.
Currently, the price ADA has a tango at the 50 MA Line on the 4-hour Chart and it is positioned between 20 and 50 MA Lines.
All technical indicators point to a bullish outlook for ADA. Not only is this due to the bullish chart pattern on the 4-hour charts, but also because 20 MA is located above 50 MA. Lastly, ADA’s price is slightly higher than the 50 MA line.
The price of ADA could challenge the $0.6230 MA line. If it is able to challenge the MA line successfully, the price could head towards $0.65 at the base.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. This article is not intended to be used as investment advice. CQ recommends that all users do their research on cryptocurrency before making any investment.