Cardano (ADA) appears to be on the recovery path as multiple notable technical indicators signal bullishness. The current market trend of Cardano exhibits a slight dip but is taking a noticeable upturn. The recent upsurge in the value of the crypto coin is due to multiple positive indicators which have been showing considerable momentum in the coin’s favor and might be a good omen of its further progress.

Taking a look at the recent technical graph, it can be seen that Cardano is trading above the support zone of $0.355 and is rapidly approaching the resistance zone of $0.376. Furthermore, the 4-hour RSI chart is demonstrating a sharp incline in the buying pressure of the coin, which is expected to provide further impetus to an uptrend. Similarly, the 100 EMA line which is currently near $0.37, is providing even more support for the bullish signal by forming a formidable resistance.

Overall, it looks like Cardano is on the path of a bullish recovery and if successful, the price of ADA could potentially skyrocket to $0.49 - $0.5 before the end of May. The higher the buying pressure in the market, the higher the ADA is likely to surge in price. Additionally, the potential breakout of the upper trendline of the channel indicated by the technical analysis further strengthens the bullish signal. Hence, it looks like the positive forecast for Cardano might indeed be proven correct in the future.



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