ADA Price Recovery Punches Back, Eyes 40% Hike To $0.85!
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Marking a bullish start to the week, the ADA price trend jumps 3.61% on Monday night and continues the bullish trend today, on Tuesday. A strong comeback fueled by the lower price rejection, leading to a bullish candle formation, brings an entry opportunity for momentum traders.
The retest and lower price rejection with a 5% jump within the last 24 hours, at press time, signals increased buyer interest. With the ADA price floating above $0.60, the overall market sentiment is optimistic with the bullish Cardano price predictions.
ADA Price Reverts Above $0.60
Source – Tradingview
Finding a 20% rise in the intraday trading volume, the bullish support to the ADA price uptrend is rising. Standing as the eighth largest Cryptocurrency, Cardano crosses the $20 billion market cap and continues to head higher.
Considering this post-retest reversal in ADA price gains momentum, the altcoin can attain a 40% hike to reach the $0.85 mark before reclaiming the $1 mark.
Further, in the weekly chart, the recovery rally surpasses the supply zone and might give a closing above it this weekend. Further, this increases the likelihood of a golden crossover in the weekly chart as the bull run uplifts the 50-week EMA.
Currently trading at $0.613, the ADA price shows an intraday growth of 1.83%, prolonging last night’s recovery. If the bullish trend in Cardano sustains, the breakout rally can reach the $0.85 mark, a 40% hike. However, a slide under $0.52 will nullify the bullish thesis and limit the annual growth to 120%.
Technical indicators:
RSI indicator: The weekly RSI line sustains in the overbought zone, reflecting a high demand-fueled rally for Cardano. Therefore, the momentum indicator bolsters the possibility of a bullish trend in ADA price.
Large Transaction On The Rise
The remarkable rise in large transactions over the Cardano network of more than $100,000 fuels the network growth. With 11.5K large transactions over the last 24 hours with a volume of almost 36 Billion $ADA, the demand for Cardano’s native token is rising. Thus, the increased demand is fueling the growth in ADA price.
Source: Intotheblock
