After closing the previous trading day at $0.312, ADA went up to $0.318 only to drop back; still positive overall today, now trading at $0.314.
Cardano made an initial breakout above its 5 day Simple Moving Average at $0.319, a potential indicator of a newly emerging bullish phase. Cardano is currently trading around the $0.317 Fibonacci resistance level. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. In contrast, Cardano could be slowing down soon as it approaches resistance at $0.32. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts ADA to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Cardano is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as Binance Coin leaps up 10.84% to trade around $295.61. Having closed the previous session at $70.4, Litecoin is up 11.92% today to currently trade at around $78.79. Having closed the previous session at $109.37, Bitcoin Cash is up 5.08% today to currently trade at around $114.93.
Having set a significant high of $1.75 2 days ago, ADA is trading 2.69% lower. Cardano is currently trading with a market cap of 10.81 billion with an average daily volume of 99.83 million.