The cryptocurrency market rebounded slightly yesterday after Tuesday’s price crash caused BTC to drop below the $ 45,000 mark
The cryptocurrency market has done better in the past 24 hours, making up some of the losses it suffered earlier this week. Bitcoin fell below $ 45,000 after the price crash yesterday. However, BTC is now up less than 1% and trading above the $ 46,000 mark.
The altcoins were the biggest winners of the recent rebound. The price of Ether has increased 3.5% in the past 24 hours and is trading back at $ 3,500 per coin. Cardano remains the third largest cryptocurrency by market cap and saw a massive rally yesterday.
ADA is likely to continue its bullish rebound, with market analysts expecting the price to rise in the hours and days ahead.
Marked these levels on $ ADA.
Still expect a bullish continuation on this one. pic.twitter.com/FIj0FwDJ0D
– Michaël van de Poppe (@CryptoMichNL) September 9, 2021
Cardano price outlook
The ADA / USD 4-hour chart is one of the most bullish in the cryptocurrency space. Cardano is only surpassed by Solana and Polkadot in terms of performance among the top ten cryptocurrencies by market capitalization.
Cardano’s technical indicators are currently improving. The RSI at 45 means it is near the neutral zone after staying in the oversold territory yesterday. Also, the MACD line is slowly pulling back and approaching the bullish territory.
ADA is currently trading at $ 2.54 per coin. If the current recovery move continues, ADA could attempt to hit the 100 simple moving average (SMA) at $ 2.78. However, it would have to break the pivot level at $ 2.62 to make sure it climbs higher.
ADA / USD 4 hour chart. Source: TradingView
In the event of an extended rally in the cryptocurrency market, ADA could attempt to move towards the second major resistance level at $ 2.91 in the coming hours or days. However, it might need the support of the broader cryptocurrency market to move higher.
The bears have not completely given up control of the market. Failure to get past the $ 2.62 pivot level could result in the first major support zone at $ 2.47. Unless there is a prolonged sell-off in the broader cryptocurrency market, ADA should comfortably defend its position at $ 2.33.
Check out our page on how to buy Cardano here