Cardano (ADA) Price Has Reclaimed the $0.700 Support, Reflecting the Broader Market Performance

Cardano price has reclaimed the $0.700 support, reflecting the broader market performance. The coin was up by 6.7% at the time of writing and traded at $0.714

Cardano price has reclaimed the $0.700 support as the broader cryptocurrency market continues to perform well. The coin was up by 6.7% at the time of writing and traded at $0.714. In addition, it has registered gains in six out of the last seven days, affirming a strong bullish momentum.

About $800 million worth of ADA coins were traded in the last 24 hours, with the trading volume growing by 24% in that time. That points to rising buyer appetite, which will likely add propulsion to the coin’s upside momentum.

The RSI reading on ADA price 2-hour time frame is at 69, adding credence to the likely continuation of the upside. In addition, its Average Directional Index (ADX) is at 22, signaling the strengthening of the upward trend. Furthermore, the value of ADA coin’s open interest contracts also grew by 1.78% in the last 24 hours to reach $358 million, affirming the upside view.

The chart shows Cardano price action on the 2-hour time frame

As seen on the chart above, Cardano price pivot mark is at $0.696 and the momentum indicates control by the bulls. The upside will likely meet initial resistance at $0.725. However, an extended control by the buyers will clear that barrier and could extend gains to test the second resistance at $0.740.

Conversely, the momentum will shift to the downside if the price goes below $0.696. The first support will likely be at $0.680 in that case. The upside narrative will be invalid if the sellers extend their control and break below that mark. Furthermore, that could result in a stronger downward momentum that could test $0.657.