Cardano Token Builds Bullish Momentum! ADA Price To Breakout $0.50 This Week?

The cryptocurrency market has displayed a positive price action within the past day with top tokens recording increased bullish sentiment in their respective charts. Moreover, the market leader, BTC Price, has successfully reclaimed the $69K mark, suggesting a bullish outlook this week.

After displaying a negative price action over the past month, the Cardano ADA price has successfully regained momentum by recording an upswing of 11.38% in its trading volume and adding 2.31% in valuation within the past day.

ADA Coin Price Records A Bullish Reversal!

The Cardano price constantly traded under a bearish influence by recording a correction of 0.56% within the past week and 0.80% over the past 30 days. However, as the volatility in the market grew, the bulls regained momentum and recorded a bullish trend in its price chart.

Positively, with a trading price of $0.4588 and a market cap of $16.434 Billion, the Cardano (ADA) price has successfully reclaimed the title of the 9th Biggest cryptocurrency by surpassing Toncoin (TON) in terms of market cap.

The Simple Moving Average (SMA) displays a bullish crossover in the 1D time frame, highlighting increased bullish sentiment for the ADA Coin price in the crypto space.

However, the technical indicator, MACD, shows a constant flatline in its price chart. Positively, the averages show a potential bullish convergence, suggesting a high possibility of a positive price action in the coming time.

Will Cardano Price Go Up?

If the bulls gain momentum, the ADA coin price will test its resistance level of $0.4950 this week. Moreover, if the bulls continue to dominate the market, it will further rise and prepare to test its upper resistance level of $0.5690 in the coming time.

Conversely, if the bears overpowered the bulls, the Cardano price will lose momentum and plunge toward its crucial support level of $0.4170 during the upcoming weeks.