- Cardano has been showing signs of a bullish trend.
- The next target for bulls to aim for will be around $0.43.
- ADA is currently trading hands at $0.4033 after a 0.13% drop in price.
The price of the Ethereum-killer Cardano (ADA) has been showing signs of a bullish trend after its spike in mid-January. This means that if traders play their cards right, they could still make a profit on the altcoin.
ADA / Tether US 1D (Source: TradingView)
The ADA price is currently in a weekend consolidation after the crypto’s 5% rally from January. On the bright side, traders need to take note of the fact that ADA’s 8-day exponential moving average (EMA) line has bullishly crossed above the 21-day simple moving average line. This could indicate that ADA is ready to rally towards higher targets.
The next target for bulls to aim for will be around $0.43, which is about a 9% increase for ADA’s current price.
This bullish thesis will be invalidated if the price of ADA drops below the swing low above $0.385. If the price drops below this level, it could further decline as low as $0.30. This move will cause a 25% price drop from ADA’s price at the moment.
CoinMarketCap indicated that ADA is currently trading hands at $0.4033 after a 0.13% drop in price over the last 24 hours. The altcoin is, however, still up by more than 9% over the last week.
ADA’s 24 hour trading volume is also in the red zone, and now stands at $311,115,430 after a more than 16% drop since yesterday. With its market cap of $13,970,164,471, ADA is currently ranked the 7th biggest crypto in terms of market capitalization.
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