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Cardano Takes Baby Steps To Recover From Its 30% Crash

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·2-min read
In this article:
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Key Insights:

  • Cardano is struggling to reclaim the $0.5 mark.

  • ADA is yet to plant itself firmly in the bullish zone.

  • The altcoin is following the market trend, making it susceptible to a price rise.

While Bitcoin and Ethereum kept the market from dipping further, some altcoins fared better than others.

The ones who didn’t recover significantly are making themselves vulnerable to sinking further, however, Cardano won’t be one of them.

Cardano, in the Last 24 Hours

The third-generation cryptocurrency, which holds a lot of promise for the DeFi community, completed its Vasil hard fork recently.

Since then, things were expected to change for the altcoin, but following the broader market cues, ADA kept itself within limits.

Now, although market-wide recovery has not been initiated yet, ADA is in the zone to climb back since it is anyway taking small steps on the charts.

Following the 30.05% drawdown from June, the altcoin did recover by 9.57% before it was hit with a 10.06% depreciation which brought ADA to the $0.464 trading mark.

At the same time, the altcoin also inched closer to the 50-day Simple Moving Average (red) line. This line is critical for ADA as flipping it into support from resistance would provide it with the push needed to rally on.

Secondly, the MACD’s green bars indicate rising bullishness which would also assist in ADA’s attempt to rise further.

Yet To See Bullishness

According to the Relative Strength Index (RSI), Cardano is still stuck in the bullish zone that has kept the altcoin entrapped in it for almost three months now.

The only instance of a rise above the neutral line was noted at the beginning of June, which too did not last for long.

For the coin to escape this bearish zone, ADA will need to climb above $0.5 and maintain it as support to keep the indicator in the bullish zone as well.

This article was originally posted on FX Empire

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