ADA price action shows a bullish reversal that breaks above the $0.60 mark and aims to approach the next supply level at $0.75. Key technical points: The ADA market value increased by 13.32% today at press time. The price action shows a high likelihood of a 20% price jump. The 24-hour trading volume of Cardano is $967 Million, indicating a hike of 104%. Past Performance of ADA Since the descending triangle breakout in May, the breakout rally in ADA prices took a step back due to the supply dump at $0.60. However, the buyers cushioned the correction phase near the $0.55 mark resulting in an extending bullish rally that broke above $0.60 with a 13% jump today. The bullish engulfing candle closing above the $0.60 mark will signify a bullish breakout of the previous swing high and mark another breakout entry opportunity. Source- Tradingview ADA Technical Analysis After the falling trend last week, ADA prices showcase a surge in intraday trading volume, displaying a flood of new buyers driving the market value higher. Moreover, the bullish reversal brings a rounding bottom breakout entry spot that might further increase the buying pressure. The DMI indicator shows a reversal in DI lines that increases the bullish spread, and the falling ADX showcases may shortly get influenced to restart the uptrend. Likewise, the MACD and signal lines maintain a bullish alignment and continue to approach the zero line. Furthermore, the increasing ...
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