ADA Ready To Rally As It Shows Signs Of A Continued Bullish Trend

The price of the Ethereum-killer Cardano (ADA) has been showing signs of a bullish trend after its spike in mid-January. This means that if traders play their cards right, they could still make a profit on the altcoin.

ADA / Tether US 1D (Source: TradingView)

The ADA price is currently in a weekend consolidation after the crypto’s 5% rally from January. On the bright side, traders need to take note of the fact that ADA’s 8-day exponential moving average (EMA) line has bullishly crossed above the 21-day simple moving average line. This could indicate that ADA is ready to rally towards higher targets.

The next target for bulls to aim for will be around $0.43, which is about a 9% increase for ADA’s current price.

This bullish thesis will be invalidated if the price of ADA drops below the swing low above $0.385. If the price drops below this level, it could further decline as low as $0.30. This move will cause a 25% price drop from ADA’s price at the moment.

CoinMarketCap indicated that ADA is currently trading hands at $0.4033 after a 0.13% drop in price over the last 24 hours. The altcoin is, however, still up by more than 9% over the last week.

ADA’s 24 hour trading volume is also in the red zone, and now stands at $311,115,430 after a more than 16% drop since yesterday. With its market cap of $13,970,164,471, ADA is currently ranked the 7th biggest crypto in terms of market capitalization.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source