The Cardano chart is looking very bullish today. The ADA price has risen by 6% and seems poised to rise even further. In this article you can read what to expect.
A positive trend reversal seems to be starting
At the time of writing, the price of 1 ADA token is around $1.70. This while the price was still around $1.59 a day ago. This means that the Cardano price has risen by more than 6%. The price increase is even more noticeable as the rest of the major cryptocurrencies are losing money today. For example, the Bitcoin price has fallen by 2.2% and the Ethereum price by more than 4%.
On the above 4-hour chart, we can see strong bullish momentum for the past 24 hours. This is in contrast to the general downward trend of recent weeks.
After setting a new swing low at $1.41 last week, today we see the price suddenly rise above $1.70. Since Cardano price action has been very strong for the past few hours, we could see a trend reversal begin. The next resistance is at $1.75. Breaking this would be a very positive sign.
