ADA Rebounds off of Lower Bound of Bullish Chart Pattern

Cardano (ADA) experienced a price decline in the last 24 hours but is still up over the last seven days.

The price of ADA has dropped in the last 24 hours to $0.5921, which is an approximate 3.07% fall in price, according to CoinMarketCap. ADA’s price is still in the green over the last seven days, however, posting a weekly gain of around 5.62%. The 24-hour chart has broken away from the positive weekly gains posted by ADA over the last seven days.

ADA is currently in 6th position on CoinMarketCap’s list in terms of market cap. This places it right behind Binance Coin (BNB) in the 5th position and ahead of Ripple (XRP) in the 7th position. ADA’s market cap currently stands at $19.99 billion.

ADA also saw a 24-hour trading volume of $1,240,253,829, which is a 33.60% increase from the previous day.

On the 4-hour chart for ADA/USDT, an ascending triangle has formed which is a bullish chart pattern.

Over the last day, it seemed that ADA would break below the chart pattern but rebounded in the positive direction shortly after touching the pattern’s lower bound.

Currently, the price of ADA is in a tango with the 50 MA line on the 4-hour chart, and is positioned between the 20 and 50 MA lines.

All technical indicators indicate that the outlook for ADA is bullish. This is not only because of the bullish chart pattern that has formed on the 4-hour chart, but also because the 20 MA is positioned above the 50 MA line. Lastly, the price of ADA is positioned slightly above the 50 MA line.

The price of ADA may look to challenge the 20 MA line at $0.6230. Should it successfully challenge the MA line, we could see the price head towards the base of the triangle at $0.65.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.