When Can the Rate of Cardano (ADA) Get Back to a Bull Run?

When will the rate of Cardano (ADA) experience a bullish reversal? Find out the latest updates and trends in the cryptocurrency market.

Posted 7 months ago in Market Analysis

Chart showing the hourly price movement of Cardano (ADA) with resistance and support levels

There is no one-way trend on the cryptocurrency market today as the rates of some coins are rising, while others are falling. Top coins by CoinMarketCap ADA/USD The rate of Cardano (ADA) has increased by 0.26% over the last 24 hours.

On the hourly chart, the price of Cardano (ADA) is located closer to the resistance than to the support; however, one should pay attention to the daily bar closure. If the upward move continues, the breakout of the $0.2580 level might lead to a further rise to the $0.26 zone.

Despite today's rise of ADA, it is too early to think about a bullish reversal as the rate remains far from the vital level of $0.2612. Until the price is below it, there is still a chance to see one more wave of decline.

From the midterm point of view, one should focus on the bar closure in terms of the last candle. If it happens above the previous bar peak, traders are likely to see a bull run. In this case, the energy can be enough for growth to the $0.27-$.28 zone. However, it might take a few weeks. ADA is trading at $0.2551 at press time.

Last updated 9/19/2023, 11:41:59 AM


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