Cardano (ADA) Price Prediction for February 20
Despite the continued recovery of the market, Cardino Blockchain’s local token Ada seems to be working hard to gain momentum. However, assets have soared nearly 4.5% over the past 24 hours, and are currently trading at close to $0.78.
ADA technical analysis and upcoming levels
With this mild upward momentum, the price of ADA remains close to the critical support level of $0.74 and the 200 exponential moving average (EMA) in the daily time range. Meanwhile, the chart appears to map the daily and four-hour charts for XRP. Additionally, the ADA appears to be forming a bullish cup and handle pattern with a 0.85-grade neckline and a rising triangle pattern.
Based on recent price momentum and historical patterns, Ada appears to be bullish. If the asset is held above the $0.73 level, there is a high probability that it will reach 32% in the future to reach $1.04. However, given the current market sentiment, the $0.85 level seems to be coming soon.
Bullish chain indicators
With this bullish price action and the continued shift in market sentiment, traders and investors appear to accumulate and place bets on bullish terms. Small shop.
ADA worth $2.55 million outflow
Data from spot inflows/outflows suggests that exchanges continue to witness the outflow of millions of ADA tokens. However, over the past 24 hours, the influx of $2.55 million ADAs suggests potential accumulation could trigger buying pressure and upward momentum.
$20 million worth in long positions
In addition to the bullish outlook for long-term holders, day traders seem to follow a similar strategy. Data shows that the Bulls are currently dominating the assets and can significantly support the ADA in the coming days. According to Coinglass Data, $0.732 is a key level, and traders are overbearing in the long run, holding long positions worth $20.37 million.
This strong bullish bet shows that these traders believe that the asset will not be priced below this level, making it a strong support zone.
