ADA Bulls Aim For Another Bounce Around $0.8: Price Analysis

ADA bulls are aiming for another bounce close to the $0.8 level as Cardano is performing well after the sharp bounce from $0.637. In our latest ADA news, we take a closer look at the price analysis.

Cardano managed to break out from a two-week downtrend and was able to reach $0.084 with smaller gains in the past few hours. The price dropped to $0.815 before witnessing 0.30% losses as the current market structure showed bulls going for the market entry again. Following the current price drops, ADA will eventually find support at $0.08 around the white trend line before it bounces back. As can be seen from the charts, ADA’s volume and volatility were quite low for the past few days.

If Cardano finds a strong rebound around the level mentioned above, ADA’s price could see an increase to the $0.0917 resistance, seen on June 4. A dump below the grey demand area of $0.074 could even lead to a fake-out as the bears will resume pressure on the market. If a scenario like this occurs, the price will eventually roll further to $0.688 support followed by the weekly low level of $0.063. ADA could even floor at $0.05 level if the price collapses further. The high of today of $0.0846 will be the first target level for the buyers if Cardano’s ADA finds a close rebound around the white trend line as the next level to watch above the daily high is set at $0.088. As it now stands, Cardano’s ADA will start looking bullish after the recent breakout on the 4-hour timeframe.

As predicted in the price analysis, the ADA Bulls are aiming a new level as Cardano was able to find some support at the 700 SAT. A sudden rejection from the level could bring quick recovery in a few days followed by a break above the crucial resistance line which has suspended the bullish action for days. After reaching a daily high of 897 SAT level, ADA Dropped to where it is now trading at 866 SAT. The current pullback is a huge sign of a healthy growth that could continue to the 800 SAT shortly.

The current buying volume seems low on the charts as the key level here to watch is the monthly resistance of 947 SAT if the buyers regroup above the 897 SAT daily chart. 1000 SAT will be the next major buy target once the high is cleared. Cardano is now looking for a rebound close to the 800 SAT while the next support is set at 699 SAT.