- Cardano (ADA) may soon rebound as indicators suggest a bullish reversal after a retracement.
- Market momentum and volume signals hint at rising buying interest for a potential ADA rebound.
- ADA shows accumulation and bullish signals, supported by key indicators on Bybit and Binance.
Cardano (ADA) might be poised for a rebound after a recent price drop, according to crypto analyst Trend Rinder. In a post on his social media account, Rinder pointed to a pullback following ADA’s recent surge, suggesting an opportunity for a healthy bounce back.
Rinder believes the current price movement resembles a past scenario where ADA found support at lower levels before rallying. This suggests the market could soon signal a bullish reversal.
An analysis of ADA/USDT on Binance using Trend Rinder’s indicators shows a retracement after encountering short-term resistance. These indicators identify key support and resistance zones, suggesting ADA is trying to establish a base for a potential upward move.
The current pattern aligns with a previous bounce signal that resulted in a notable price increase, indicating that the area around the long liquidation level could support a potential rebound.
Momentum indicators also suggest growing market interest. The bottom oscillator panel is shifting from bearish to bullish momentum, marked by a transition from red to green. This suggests buying pressure could increase as the market aims to regain upward momentum.
On the Bybit exchange, the ADA/USDT trading pair shows a slight upward trend in recent sessions over a 30-minute timeframe. Prices ranged between $0.3632 and $0.3650, with the Arnaud Legoux Moving Average (ALMA) at a 9-period setting positioned below the price candles, indicating a bullish trend.
Trading volume remained moderate, with a notable spike at the beginning, suggesting increased buying activity.
The Accumulation/Distribution indicator also reflects bullish sentiment, with a steady rise to approximately 14.396 million, pointing to ongoing accumulation by buyers.
As of the time of writing, Cardano (ADA) was priced at $0.3641, with a trading volume of $353,638,875, recording an increase of 2.55% over the last day.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
 shows potential for a rebound. Analyst identifies bullish signals in recent price movement and technical indicators.){kind=link}