ADA Technical Analysis: Breakout Despite Falling Crypto Market

ADA coin price jumps more than 10% to break above the resistance level at $1.5 and shows a retest in action. Should you buy more at retest? The company was created by Charles Hoskinson, one of the co-founders of Ethereum and the CEO at IOHK, Cardano is one of the biggest blockchains that successfully implemented a proof-of-stake consensus mechanism. The new consensus uses less power than the proof of work algorithm that Bitcoin is built on. Cardano announced its highly-anticipated Alonzo update. With it being updated, the platform now supports a variety of crypto-related applications, such as non-fungible tokens (NFTs) as well as smart contracts. Let us move ahead to read about the Cardano technical analysis. Past Performance of ADA The ADA coin price shows a growth of more than 10% in the past 24 hours, resulting in the breakout of the resistance level at $1.5. Moreover, the price action forms a solid bullish engulfing candlestick in the daily chart. The price jump and the 100% growth in the intraday trading volume show a boom in buying pressure. ADA/USD Daily Chart ADA Technical Analysis The V-shaped in the ADA coin price gives a bullish breakout of the double bottom pattern indicated in our previous technical analysis. The price retraces to retest the bullish breakout. Therefore, a tail formation near the neckline at $1.5 can be seen shortly. Crucial EMAs (50, 100, and 200) in the daily chart still maintain a bearish alignm...