Cardano (ADA) is trading at $0.45 at the time of writing. ADA also couldn’t escape Bitcoin’s ongoing sell-off and correction. There may be signs of a bottom forming on the daily chart, but crucially Bitcoin is showing similar patterns. If Bitcoin falls again, another correction can also be expected for Cardano.
An important support level is now forming at $0.4223. This marks the lower low of a possible “bullish reversal” via a double bottom formation. A break through this range could push Cardano towards $0.4-$0.35.
There is also a clear downward trend on the daily chart. A break above $0.48 would provide the first signal of a further breakout above the neckline of the “W-Pattern” (white line on the chart).
Cardano: This is what the indicators say
The indicators signal that a break from the downtrend could be possible in the short term. Since April 16th, the MACD (Moving Average Convergence/Divergence) has shown a “bullish cross” (white circle on the indicator chart); The daily momentum is also gaining strength again.
While the trading volume is not overly strong, it clearly indicates a major move is coming.
The RSI stands at 37.4 points and remains in the lower range, indicating good upside potential.
Assuming Bitcoin maintains its current levels, there is significant potential for numerous altcoins. Bitcoin dominance has weakened slightly in recent days, indicating that some altcoins are showing strong performance. Nevertheless, it is important to note that dominance is still in a sustained upward trend. So far, there is no comprehensive “altcoin season” in sight, although individual coins have the potential to outperform Bitcoin on a daily basis.
Over
Bastian Keller has been operating independently in the Forex market since 2015 and has been a full-time trader in the crypto market since 2018. He actively shares this expertise on various social media platforms, especially on his YouTube channel “Bitbull Trading“, with more than 59,000 subscribers.
In addition to his YouTube channel, he has already built a community with more than 4,000 active members. This offers both beginners and experienced traders the opportunity to improve their skills to a professional level. The focus is on operating profitably in the market in the long term, regardless of your location.
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