• Sat. Jun 22nd, 2024

Cardano Experiences a 4.14% Surge in Past 24-hours Backed by Strong Bullish Sentiments

Apr 15, 2022

Cardano (ADA) is also moving on the high track in the past 24-hours, having experienced a 4.14% uplift. At the time of writing, Cardano’s price is exhibiting a trading price of $1.19 per ADA.

However, the situation was different for Cardano between March 26 and March 27. The data shows the price of Cardano was at a low of $1.117 between the mentioned dates and the bears kept showing their selling power.

Bulls Launched their Attack on March 28

They continued selling any rally that the bulls had to launch in support of the bullish trend for Cardano. At that time, the bears were in complete control but the bulls were also getting ready for a sprint. The bulls launched their strong rally on March 28, which saw the price of Cardano going all the way up to $1.238 per ADA.

This was a strong push from the bulls’ side but there was a fear of a retreat as the particular price mark did not look stable or realistic for the bulls. Surprisingly, Cardano did end up retreating from the particular price and came all the way down to $1.110 per ADA.

However, the bears couldn’t hold the bulls down for long as they launched their counter, and the price of Cardano rebounded. At present, Cardano’s price is rising back to its March 28 high, which means that the bulls are buying the dip, and they are highly determined.

Technical Indication towards Strong-Buying Sentiments

The technical indicators of Cardano are fully supporting the bullish trend. The summary scale for Cardano shows that 50% of the total investors are leaning toward the purchases of Cardano. Only 11.5% of the total investors want to sell Cardano. The RSI is currently at 68.179 and the ultimate oscillator is at 53.03, which is also a bullish indication.

If the bulls keep the rally running, then Cardano may soon hit its first resistance mark (R1), which is $1.33 per ADA. The second resistance mark for Cardano would be $1.52, and the bulls may try to hit the third resistance mark of $1.846 with an even stronger buying force.

Going forward, the bulls may continue adding more value to Cardano by injecting it with higher buying pressure. If that happens, then Cardano may become even more bullish.

The investors may start moving from mediocre or low-level cryptocurrencies to Cardano to bring it back to its high price. This would result in forming a stronger rally and help push the price of Cardano to a higher benchmark.

For now, the bulls are aiming to push Cardano enough that it crosses the $2 per ADA price again.

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