Cardano Price Rises 9% Today. Will The Recovery Rally Restart?
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Brian Bollinger Following an explosive rally in January the Cardano coin saw a minor correction to replenish exhausted bullish momentum. The result was that the coin price fell 12% from last week and retested $0.357 resistance. However, the ADA price experienced significant inflow today and tries to undermine the correction loss; is this the beginning of a bullish recovery rally?advertisementKey Points: A bullish engulfing candle at $0.357 support indicates a higher possibility for the Cardano coin price to challenge $0.4
The 20-day EAM was reclaimed by the rising ADA price
The intraday trading volume for the ADA coin is $451 million, which indicates an 18% gain.
Source: Tradingview The Cardano coin price has seen a V-shaped recovery in the last three months. This term is used to describe a quick rebound in an asset’s value as market sentiment recovers. However, the Cardano coin price experienced a minor correction and plummeted to $0.355. ADA holders were able to benefit from this rapid correction as it stabilized buying pressure and checked the coin’s stability at a higher cost. Trending StoriesAlso read: What is Physical NFT and How to Sell It? The Daily Chart Shows a Lower Price Rejection at $0.355 Mark. This highlights the buyers who are trying to defend their newly reclaimed footing. The technical indicator. Relative strength index: the daily RSI slope jumps above the midline, indicating the positive sentiment in returning to the Cardano coinadvertisementEMA’s: A bullish crossover between the 50-and-100-day EMA may bring more buying orders in the market.Cardano coin price intraday levelsSpot price: $0.38
Resistance level: $0.39 and $0.465
Support level: $0.378 and 0.3545
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