Is the New Round of Rebound for ADAs Callback to Come Aiming for the 3 Mark

Coin World News Report:
Due to the Chaikin Money Flow (CMF) indicator showing an increase in buying pressure, it is expected that the price of Cardano will inevitably rise to $3, reaching an all-time high (ATH).


ADA has experienced a slight decrease in price of 0.67% in the past 24 hours, with the price currently at $0.3618 and a market capitalization of $12.68 billion. This increase has coincided with a broader market recovery, but will ADA continue to rise?
The inevitable rise of ADA’s price!
Considering the latest development of the Chaikin Money Flow (CMF) indicator, the prospects for Cardano’s price are optimistic. Furthermore, based on the long-term consolidation trend of ADA, the current price has successfully avoided forming lower lows on the weekly chart.
Subsequently, the Chaikin Money Flow (CMF) indicator has shown a higher formation, indicating an increase in buying pressure and a potential bullish reversal in momentum. This indicator measures the weighted average of the accumulation and distribution of volume over a certain period, helping to identify buying or selling pressure in the market.


Based on the accumulation since the end of 2020, the indicator entering the positive region provided an early signal of an upward trend and reached a historical high of $3.1.
How will Cardano reverse the pullback as the bullish momentum returns!
On the 4-hour chart, Cardano has turned bullish and is currently maintaining above the 100-day Simple Moving Average (SMA), with multiple green candles being printed. As long as the price remains above this level, the bulls may continue to have control, and if the upward trend continues, further gains are possible.
Analysis of the 4-hour Relative Strength Index (RSI) shows a significant increase, rising from a previous low of 53% to 63%. This growth reflects the strengthening of the bullish momentum and indicates an increase in buying pressure in the market. Although the current level is still below the overbought zone, the upward trend of the RSI suggests an increase in demand and may pave the way for further upside.
In addition, the daily chart shows that Cardano is actively attempting to break through the 100-day moving average, which is a key resistance level. A successful breakthrough of this moving average may indicate a stronger bullish trend and boost investor confidence, attracting more buyers. If ADA breaks through this resistance level, it may lead to a change in market sentiment and more upward trends.


The current RSI on the daily chart is 53%, indicating a bullish trend for ADA as it is above the key threshold of 50%. Typically, this indicates that buying pressure exceeds selling pressure, reflecting strong momentum and increasing optimism among traders about the potential price of ADA.
ADA price analysis suggests a major breakthrough after several months of consolidation
In the past three months, the price of Cardano has shown a sideways movement in a symmetrical triangle pattern on the daily chart. The cryptocurrency has resonated within the convergence of the two trendlines, resulting in the current trading price of $0.36. If this pattern acts as a suitable accumulation trend, the price of ADA could surge by 7.8%, challenging the key resistance trendline. A breakout to the upside will accelerate the bullish momentum and support an initial increase of 48%, reaching a level of $0.57.
On the other hand, a bearish breakout below the downtrend line of this pattern would invalidate the long-term bullish argument.
The positive change in the CMF indicator may push the cryptocurrency to inevitably surge to $3, while ADA’s price is still 7.9% away from breaking free from the triangular pattern after three months of consolidation.