Cardano Price Pushing For Recovery

Cardano Price Pushing For Recovery

Cardano price remains bearish over the short and medium-term horizon
The four-hour trading time and daily time frames both show bearish head and shoulders patterns in play. The price of the ADA / USD pair has returned to its January 2019 opening price after recently suffering triple-digit losses. Cardano ADA is Pushing to stage a short-term upside price recovery, as a much-needed rally across the broader digital currency market helped to boost the embattled cryptocurrency. "Cardano Price Pushing For Recovery"

Cardano Price Pushing For Recovery

The Price of ADA / USD pair has been one of the worst-performing Altcoin over the last few months, with the cryptocurrency losing over 60% from its 2019 price peak highs and falling outside the top 10 Cryptocurrency by market capitalization.

The Cardano price now trades basically flat on the year, after recently recovering around fifteen percent in value from the September 26th trading low.

Cardano price still remains in vulnerable technical support level, with both the four-hour and daily time frames showing the cryptocurrency still trading below the neckline of sizeable head and shoulders patterns.

A lack of Cardano bullish pattern patterns or bullish MACD price divergence across the higher time frames does little to suggest that the ADA / USD pair is likely to stage a sustainable rally over the medium-term.

However, the four-hour trading time frame is showing a bullish price pattern that does suggest that further near-term gains are possible for ADA / USD pairs. Short-term price technical indicators are also pointing to further short-term bullish gains and have yet to reach overbought conditions.

According to the graph of the descending triangle pattern on the four-hour time frame, the recent recovery could extend towards the $0.044000 resistance level.

The daily trading time frame shows that the ADA / USD pair would need to rally by around sixty percent from current levels to reclaim its technically bullish status.

According to the latest data source from website, the short-term Cardano price sentiment towards neutral at 54.00 %, while the overall long-term sentiment towards the cryptocurrency is very bearish, at 24.00%.

Cardano Price Upside Potential

The four-hour trading time frame highlights that the ADA / USD pair is approaching its 200-period moving average, around the $0.044000 level. A sustained Cardano price break above the $0.044000 level could lead a much-stronger recovery.

The daily trading time frame shows that the neckline of a large head and shoulders pattern offers a potential upside target if the rally continues, around the $0.056700 level.

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