It Seems Cardano ADA Price is Out From The Bottom, so What is The Next Target?

• Cardano price is following a trend higher after retracing from the latest 52-week low.
• ADA price is trading above all the green lines in the EMA Ribbon indicator on the 4-hours chart.
•  Trading volume fell 13% to $500 million in the last 24 hours.

Cardano ADA price has risen and reclaimed the $0.40 support level as a result of the recent rebound. Using an effective V-shaped recovery, buyers easily reversed this sustained selloff.

At the time of writing, Cardano ADA is trading at $0.4094, up 0.91% against the USDT pair. The weekly chart demonstrates that the valuation of ADA has been steadily decreasing since achieving an all-time peak of $3.10 in August 2021. The crypto bear market has resulted in a low of $0.33 for crypto in October 2022.

In the 4 hours chart, the ADA value is standing higher than all green lines of the EMA Ribbon indicator and these all moving lines act as support levels. However, the trading range is getting narrow gradually and shoot-up is likely ahead.

It seems the bear market is turning towards buyers favor as per recent price action. Buyers are impressed with the recent rapid rebound of ADA prices. Undoubtedly, the price retracement phase has existed in the past few days. Bulls follow a buying on dip strategy as of now to maintain ongoing acceleration in direction. 

Amid the recovery, Cardano price is following a consistent trend higher after reversing from its 52-week low. Thus buyers hardly try to push the crypto prices above the 50 day exponential moving average. However, trading volume fell 13% to $500 million in the last 24 hours. There is a reason inside this low volume trading candle.

Notably, the RSI indicator retested the 50 level as a support level and is now turning overbought territory on the daily price scale.

conclusion

Buyers are standing on the 20-day exponential moving average to manage any slight correction phase. But due to less volatility in the market, it may take this week for buyers to recover costs above the 50 EMA.

Support level – $0.350 and $0.30

Resistance level – $0.50 and $1.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.