• Cardano (ADA) price has gained significant bullish momentum in the past bullish push.
• The current ADA price is trading above $0.42 and collides with the 100 SMA levels in the short term.
• The ADX, or Average Directional Index is soaring high despite bearish actions, indicating that ADA remains under acute bullish influence.
Cardano Price Analysis
Ever since the past bullish push, the Cardano price appears to have gained significant bullish momentum as the buying volume has surged to a maximum extent. However, after forming a strong base, Cardano is currently facing minor bearish action as the price stands rejected from $0.46 to the current level of around $0.44.
The price was trading within a large, symmetric triangle before reaching the apex, then underwent a breakout and surged beyond the interim resistance zone between $0.41 and $0.42. The bearish volume is slowly accumulating but does not appear to be sufficient to halt the mounting bullish momentum.
The ADX, or Average Directional Index which determines the strength of rally is soaring high despite bearish actions. Hence token continues to remain under acute bullish influence and is therefore believed to withstand existing bearish actions.
Hence, with an interim bullish push, it’s likely for ADA price initially regain levels above $0.45 which may further extend up to $0.48 with minor bearish interference.