The overall trend for the ADA/USD pair is still bearish. The buyers rebounded the coin from the $1 mark, indicating a 13% gain in the last six days. However, the buyers failed to sustain the $1.2 breakout, and the resulting bull trap suggests the price would sink to $1 support. However, if buyers defend the bottom support, it indicates the bulls are buying at this dip.
Key technical point
The ADA price resonating in a rising channel
The ADA/USD price facing strong resistance at the 50-SMA line
The intraday trading volume in the ADA coin is $2.39 Billion, indicating a 41% hike
During the last two weeks, the Cardano (ADA) price wobbled in a narrow range stretching from $1 to $1.125. On February 4th, the coin buyers gave a decisive breakout from the overhead resistance, indicating a recovery rally.
The sustained buying surged the alt to the immediate resistance at $1.2, preparing for another breakout. However, the sellers mounted stiff resistance at this level and re
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