During the second week of April, the broader market correction showed signs of easing as multiple countries approached U.S. President Donald Trump to negotiate new trade deals. This development helped Bitcoin price to maintain its hold at its $75,000 level while bolstering most major altcoins, including Cardano, to seek suitable support.
ADA, the native cryptocurrency of the Cardano blockchain, is showing signs of renewed bullish momentum at the multi-month support of the wedge pattern, signaling the potential for price reversal.
Cardano Price Rebounds from Multi-Month Support
In the last 4 days, the Cardano price bounced from the $0.51 low to the $0.606 current trading value, registering an 18.8% surge. This bullish upswing gained momentum on Wednesday after Donald Trump got a 90-day break in trade retaliation measures for 75+ countries and brought a reduced reciprocal tariff of 10%.
Adding to the bullish note, the ADA price surge shows a bullish turnaround from the support trendline of the falling channel pattern. Since December 2024, the coin price has resonated strictly within the two parallel trendlines, indicating the pattern’s credibility in influencing price movement.
The previous reversal from this support had bolstered buyers to drive a recovery trend ranging from 53% to $102%. If history repeats, this altcoin could surge +70% and challenge the pattern’s overhead resistance near $1.
A bullish breakout from this resistance is crucial for buyers to exit the current market correction.
However, if the overhead selling pressure at $0.7 persists, the coin price will drive short-term consolidation to build sufficient bullish momentum.
Technical Indicator:
Exponential Moving Average: the cluster of daily EMAs (50, 100, and 200) at $0.7 creates a high-selling zone for crypto traders.
Relative Strength Index: Contrary to the lower low formation in price action, the momentum indicator RSI shows a higher low formation, indicating the rising buying pressure channel support.
Also Read: Bitcoin Eyes $100k Breakout As Trump’s Tariff Pause Brought Whale Influx
