Where Is Cardano Heading After Forming This Pattern On Its Chart?
Cardano (ADA) is following the examples of many other digital assets that have been recovering from the bearish phase. There have been some weekly improvements in this coin. Experts in the crypto community are optimistic of its price increasing in the near future.
The coin was trading higher by 6% in the last 24 hours. It has gained 12% in the past week. The coin has been trading between $0.46 and $0.51 for last few days.
The Cardano price has stabilized around $0.51 level. Double-digit gains have been seen in both BTC and ETH in the last week. ADA put up some rigid resistance at $0.51. Improvements can be noticed only when it moves past this level.
Any buying movement will allow Gordano to move up by another 6%. Last few trading sessions have seen some buying activity. Buyers can exit if it continues at the present price level. Some drop in buying was seen on the 4-hour chart.
ADA has seen a fall in buying activity in recent time due to overall bearish market phase. If that sentiment comes back, its price will see a bearish trajectory. Buyers have been sustaining its price momentum in the last few days. It has been showing buying signal even when its buying strength has come down. It indicates the trend this coin is likely to take.
Crypto market remains the most profitable as well as volatile financial market. Investors have faced several challenges. This has made investors wary if they should invest in this sector. However, even with this insecurity toward cryptocurrencies, coins like Solana, Cardano and FIREPIN Token have seen some modest price increase in recent weeks.