By Lucas Williams
- Cardano’s price outlook reveals a steady recovery following Wednesday’s fall.
- The alt gained over 4% within the past day to levels beyond 100-day Exponential Moving Average.
- The Vasil fork will likely drive increased investor interest.
Cardano (ADA) registered a bullish revival following Wednesday’s dip towards $0.48. The alternative token surged more than 4% within the past day. ADA price climbed towards the $0.59 highs, overcoming the $0.57 pivot to target the initial crucial resistance at $0.6094. Meanwhile, broad market backing is essential for ADA to overcome this resistance. The uptrend might push to $0.70, where bears might trigger corrections.
Another massive hurdle for this uptrend might emerge at $0.66. For now, Cardano sits beyond the 100-day Exponential Moving Average at $0.57. meanwhile, the 9% trading volume decline means traders would look to hold & consolidate upward. Moreover, analysts expect the Vasil upgrade to offer additional support to ADA as Cardano’s development activity climbed to an ATH.
However, the leading cryptos could not reflect ADA’s upside price actions, with BTC plunging towards $30K as Ethereum closed well below the critical $2,000. More large-cap alts declines came from Ripple (-2%) and Solana (-1%). On the other hand, DOGE consolidated at $0.082 and Polkadot at $9.76. Also, Tron lost 2% to $0.08 after yesterday’s seismic upswing.
ADA 1 Day Timeframe – Prices Climb Past MAs
The 24hr candle chart shows Cardano on a quick and substantial upsurge following Wednesday’s dip towards $0.54. As Cardano is yet to explore massive hurdles beyond $0.60, technical indicators suggest continued bullishness within the coming 24 hours. Prices climbed beyond 50 and 100-day EMA within the past day, near $0.55. Moreover, the daily RSI dipped into the oversold territory at 50 and might stay there before retracing with the price.
ADA’s move to overcome the $0.6094 initial resistance will clear the path towards the $0.70 9 May peak. Meanwhile, $0.6671 can pose a resistance. The Moving Average Convergence Divergence forms higher highs beyond the neutral region, supporting the bullish sentiments. Meanwhile, breaching the pivot at $0.57 within the coming 24 hours might see ADA hitting the first support near $0.53. Bulls should steady beyond $0.50 to prevent further drops towards the 2nd support floor at $0.47.
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