- Cardano price sees bulls shaking off last week's performance quite quickly.
- ADA price made a nice recovery over the weekend and seeks to continue it this week.
- A bullish triangle formation is the playbook for now with a breakout above $0.39.
Cardano (ADA) price is seeing bulls quickly pick up their feet after a downbeat moment the week before. ADA quickly recovered over the weekend with some substantial losses being pared back. Expect to see a continuation this week as a bullish triangle is in play that will push ADA above $0.39 for a 10% gain.
Cardano price hands bulls playbook for this week
Cardano price suffered quite some losses last week and at one point was even flirting with a break below the always-important 200-day Simple Moving Average (SMA). Things could not have looked any grimmer than on Friday at the US closing bell. Markets showed how relentless and how quick a turnaround can be staged as bulls were quite quickly back on their feet, retaking ground on Saturday and Sunday.
ADA from here is trading nicely along the green ascending trendline, which although it has been broken still holds its support as a guideline for a bullish triangle. The base for that triangle is near $0.39 and would see bulls paring back the losses from last week. Specific attention is required for that 55-day SMA just above $0.39, because that could mean bulls are heading toward $0.42 in the long run.
ADA/USD 4H-chart
Should the supportive trendline snap, expect to see a quick leg lower as the bulls would vacate the premises quite quickly. An unwind of the positions would quickly see ADA back at $0.35, flirting with a break below the 20-day SMA. Once bears advance, expect a quick leg lower to $0.34 that tests the low of late March.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.