Cardano (ADA) price has been appreciating in more momentum in the past few weeks. While the price has dropped by -50% in the past few months due to the continued sluggish market trends, the recent upward momentum of ADA has risen by 4% for a 24-hour period.
ADA price seems to be in a bullish trend in the long-term. Before a breakout occurred on March 19th, strong buying pressure had pushed its price to make three attempts to break above the upper area of its range at $0.052. This trend was confirmed following a pullback that occurred last Thursday as the candles formed a bottom once Cardano’s price plummeted to $0.0506 in the demand zone.
Cardano’s continued upward trend became obvious after a large bullish candle moved past the $0.0531 handle on last Friday. Thereafter, the price rose to $0.06595 in the supply zone. This was the high of the week and this appears to be the high highest the Cardano has seen since November 16, 2018.
Meanwhile, Cardano bears may lose their momentum at $0.05612 (38.2 fib area), an area that may see the bulls manage to continue their upward trend. Thanks to Cardano’s 1.5 latest update, going if the bears fail to proceed. The $0.07000 level in the supply zone may be retested as bullish momentum increases.
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