Cardano (ADA) Rises 9%: Will Momentum Build for a Possible $0.60 Push?

• Cardano (ADA) is currently trading at the $0.46 zone.
• Its 24-hour trading volume has skyrocketed by 127%.

A 2.98% spike in the crypto market has triggered the digital assets to trade on the upside. The majority of them are charted in green, attempting to gain momentum and climb to the recent highs. Yet, the broader market sentiment remains cautious, with the Fear and Greed Index value holding at 30. 

Following suit, the notable altcoin, Cardano (ADA), has posted a steady rally of over 9.31%. In the early hours, the asset traded at a bottom range of $0.4246, and with the bullish encounter, the price mounted toward a high of $0.4829, after ADA had tested the crucial resistances between $0.4251 and $0.4824.

According to the CoinMarketCap data, at the time of writing, Cardano trades at the $0.4652 mark, with its market cap reaching $16.68 billion. In addition, the daily trading volume of ADA has skyrocketed by over 127.62%, touching the $1.42 billion zone. 

Is Cardano’s Bullish Momentum Building?

Cardano’s Moving Average Convergence Divergence (MACD) line is settled above the signal line, indicating bullish momentum. The buying pressure is increasing, and the asset’s price may continue to move up, considered as a confirmation of an uptrend.

ADA chart (Source: TradingView)

Moreover, the Chaikin Money Flow (CMF) indicator found at 0.24 suggests strong buying pressure in the ADA market. The money is flowing into the asset, showing bullish sentiment. A value above 0 hints at strength, and above 0.20 is a sign of solid accumulation. 

With the positive outlook, the price of Cardano could climb and test the key resistance at around $0.4665. The sturdy correction on the upside triggers the emergence of the golden cross, and the bulls may likely push the price above the $0.4678 mark. 

Conversely, assuming the bearish reversal, the asset might immediately fall and find its support near the $0.4639 level. A failure to hold this range could strengthen the bears, and the death cross takes place. Gradually, the Cardano price sees a drop below $0.4626. 

The ongoing market of ADA is strongly bullish, but is not yet overbought, with the daily Relative Strength Index (RSI) resting at 64.45. Once it is above 70, at an overbought zone, there is a potential chance of cooling or a pullback. Furthermore, Cardano’s Bull Bear Power (BBP) value of 0.0275 implies a slightly stronger bullish dominance in the market. Currently, the buyers have a small advantage over the sellers, and it is not a strong trend. 

Top Updated Crypto News

Strive Launches $500M Stock Offering to Expand Bitcoin Holdings