Cardano price yet again bounced back after visiting the strong support zone around $1.03
With the significant recovery, a substantial rally close to $2 could be monumental in the coming days
As each time Cardano price reverses the trend, this time also the price successfully rebounded wisely. After forming multiple bottoms at these levels, the price elevated itself above the levels. The constant uptrend from now could intensify the activity and hence increase the volatility of the ADA price.
The asset underwent a substantial uptrend after a massive sell-off for a couple of days. Due to mounting selling pressure, it was believed that the price would break the $1 levels soon. Yet the uptrend from the later trading hours bought some bullish momentum. Currently, the price has formed a ‘W-shaped’ pattern and also broke the neckline at $1.125.
The next plot for the ADA price could be continuing with an upturned until the immediate resistance levels at $1.19 are met. A substantial increase in the buying volume is witnessed and hence, these levels could be attained with minimal effort. However, the greatest challenge lies in rising to the next strong resistance level at around $1.436. In between a couple of levels do arise but levels above $1.4 could validate a notable uptrend.
The crypto space has eased with an accumulated sell-offs as a decent recovery has made its way. With the Bitcoin price rising above $30,000, it could be a recovery but an uptrend can be valid after the price sustains above $35,000. In a similar pattern, Cardano price also needs to smash and sustain above $1.5.