ADA Rebounds from Bullish Chart Pattern’s Lower Bound

• Cardano (ADA) has dropped in price in the previous 24 hours.
• The price of ADA has remained in the green over the last seven days.
• An ascending triangle has formed on the 4-hour chart of ADA/USDT, which is a bullish chart.

Cardano (ADA) has dropped in price in the previous 24 hours but is still up in the last seven days.

According to CoinMarketCap, the price of ADA has declined in the previous 24 hours to $0.5921, a drop of around 3.07 percent. However, the price of ADA has remained in the green over the last seven days, with a weekly rise of roughly 5.62 percent. The 24-hour chart has deviated from ADA’s strong weekly advances over the last seven days.

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In terms of market cap, ADA is now ranked sixth on CoinMarketCap’s list. This places it just behind Binance Coin (BNB) in fifth place and ahead of Ripple (XRP) in seventh place. The current market capitalization of ADA is $19.99 billion.

The 24-hour trading volume for ADA was $1,240,253,829, a 33.60 percent increase from the previous day.

An ascending triangle has formed on the 4-hour chart of ADA/USDT, which is a bullish chart pattern.

Over the last day, it appeared that ADA would break below the chart pattern, but it quickly rallied to the upside after touching the pattern’s lower bound.

On the 4-hour chart, the price of ADA is currently in a tango with the 50 MA line and is positioned between the 20 and 50 MA lines.

All technical indicators point to a bullish outlook for ADA. This is due not just to the bullish chart pattern that has formed on the 4-hour chart, but also to the fact that the 20 MA is above the 50 MA line. Finally, the price of ADA is slightly above the 50 MA line.

The price ADA may attempt to test the 20 MA line at $0.6230. If it successfully challenges the MA line, the price could move towards the triangle’s base at $0.65.

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