Cardano (ADA/USDT) Hints at a Potential Bullish Breakout above $0.7131

Cardano Long-term Analysis: Bullish

Cardano against the Tether presents an early sign of recovery above a significant support level after a corrective phase in the previous sessions. The pair is beginning to show signs of a northbound momentum after meeting a strong resistance above $1.0000 at the start of the year.

Recently, Cardano has bounced off long-term support while printing a massive over 16% gain for the week, as the volume indicates bullish traders are taking action.

Also, the Stochastic RSI seems to be turning to the top from the oversold region, indicating growing buying interest as the price reclaims the 200 simple moving average of the Moving Average Ribbon.