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Cardano: Here’s how you can make the most out of ADA’s bull run
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
The last five weeks have supported Cardano’s [ADA] recovery efforts as it gathered enough thrust to breach the $0.537 barrier. Going forward, the resultant up channel’s lower boundary can reignite near-term revival inclinations before a likely trend reversal.
With the bullish flip on the EMA ribbons, buyers could strive for even more before giving in to the long-term reversal tendencies of the current pattern. At press time, ADA was trading at $0.5413, down by nearly 2.37% in the last 24 hours.
Source: TradingView, ADA/USDT
The descending channel’s breakout made way for a swift up-channel recovery on the daily chart. The price action now broke its long-term compression near the Point of Control (POC, red). The bulls would likely aim to inflict a volatile break before reversing toward its EMA ribbons.
A compelling close above the 20 EMA could aid the alt in retesting the $0.57 region in the coming sessions. But the midline of the up-channel (yellow, dashed) constricted ADA’s peaks over the last ten days.
Meanwhile, the bullish crossover on the EMA ribbons has set a foundation for near-term retracements. A plausible selling resurgence from the immediate resistance range could pose near-term recovery barriers. An eventual close below the pattern would hint at a selling signal.
Source: TradingView, ADA/USDT
The Relative Strength Index (RSI) took a slightly bullish position while dropping below the 56-59 range. A sustained position above the equilibrium can help buyers maintain the immediate support level.
The Chaikin Money Flow (CMF), however, corroborated with the sellers after sharply plunging from
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