Cardano spikes by 5% as seen on the daily price chart
Bulls likely to touch bullish triangle from $0.67 to $0.69
ADA at risk of retreating to $0.50
Cardano (ADA) price is looking straightforward bullish today bouncing back from yesterday’s dip. However, the price isn’t completely out of risk. ADA plunged to roughly $0.5067 yesterday and then increased to more than 5% shooting to $0.5401 today.
ADA Price Spikes By 5.41%
According to CoinMarketCap, ADA price has spiked by 5.41% or $0.5394 as of this writing. Cardano’s price is largely influenced by July’s US CPI data which could stir volatility in the crypto market.
Bulls are eyeing the ascending triangle circling around the range of $0.67 to $0.69 with the possibility of a slump right under the support line of $0.51.
With the major cryptocurrencies registering remarkable gains, Cardano and other altcoins are also showing an upward trend. Bitcoin has surged by 2% reaching $23,600 while Ethereum pumped its price by 8% or to $1,800.
Notably, DOGE also rose to $0.07, and XRP spiked by 3% or $0.37 in the same way as SOL pumped price by 3%.
The 34-hour chart for ADA price shows that it was able to come back strong from its downturn yesterday. But, its current price remains to hover above the 21-day EMA that offers support at $0.5080.
Judging by the 24-hour chart, ADA is seen to ride by the buying action hoisted by an uptrend that’s been happening since July. ADA price has recently formed an ascending triangle pattern with a breach seen at $0.55 that could jump near the resistance zone from $0.67 to $0.69.
Cardano Trading Volume Surges By 17%
In addition, the 24-hour RSI is seen to surge to 56.7 following amplified buying activity. Trading volume has also increased by 17% seen in the past 24 hours. More so, the MACD curve shows a bearish divergence. A downtrend can bring the ADA price spiraling down to $0.50 and also creeping into the 50DMA spotted at $0.48.
Cardano is showing a bullish movement targeting $1.00. Cardano price may explode and increase making it extremely profitable for traders. Cardano price was observed to be rocky since May 2022 but the so-called Ethereum killer may have turned the tables around this July.
From a technical standpoint, a breaking point at $0.56 could trigger a profitable point for ADA price to make 100% profit closing down to $1.00. A crypto bull run may be induced with FOMO shooting for $1.25.
ADA total market cap at $18 billion on the daily chart | Source: TradingView.com
Featured image from Coinpedia, Chart from TradingView.com