Cardano (ADA) price is attempting a recovery rally on the higher timeframes, recording three consecutive higher highs as indicated in the chart below.
Cardano price is attempting a recovery rally on higher timeframes after a 35% fall from the July 12 high of $0.3793. The odds still favor the downside and ADA could fall 5% to test the support floor at $0.2415. Invalidation of the bearish outlook will occur once the altcoin records a three-day candlestick close above the $0.3082 level. However, bulls must do more if the trend is to be sustained, with overhead pressure building up to cloud the token’s upward momentum.
A decisive three-day candlestick close above its midline at $0.3082 would invalidate the bearish outlook. Above and beyond, ADA could break out from the supply zone, flip it to a bullish breaker before tagging the 100-day EMA at $0.3472. Such a move would denote a 50% climb above current levels. Bitcoin, altcoins, stablecoins FAQs What is Bitcoin? Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money.
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