Cardano (ADA) is flashing signs of recovery in the cryptocurrency market as the price rose from $0.6291 to $0.6441. As the Cardano Bollinger Bands trend shows, the current setup has a significant rebound potential for the asset.
ADA Bollinger Bands hint at uptrend formation
According toCoinMarketCap data, Cardano currently trades at $0.6330, representing a 0.21% increase in the last 24 hours. This is a slight correction from the previous peak it hit in earlier trading sessions.
This price trend is resting around the lower Bollinger Band range, a bullish signal for ADA. Notably, having hit this lower band, the only direction for the price is upward. Cardano could begin to climb if bulls regain full control of the price trend.
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The reversal could see ADA rebound to between $0.67 and $0.70 if market participants reactivate their appetite for Cardano. As of press time, volume has declined by a massive 46.33% to $589.3 million.
For the asset to experience any rebound, investors must actively purchase the coin to support a price increase. Recently, Cardano whales snapped up over 120 million ADA within 48 hours as they anticipated bullish turns.
However, the current volume, as of this writing, indicates that these large holders have pulled back. For Cardano to sustain any rebound, these large holders must get active and maintain momentum.
Cardano: Kraken listing could increase adoption
In a notable development, the Cardano Foundation says Kraken OTC has listed ADA trading options on its platform. This increases Cardano's exposure to Kraken users and could support the coin’s trade.
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Meanwhile, the broader Cardano community is excited about a recent Bloomberg report. According to Bloomberg analysts, the Securities and Exchange Commission (SEC) has a 75% chance of approving the Cardano exchange-traded fund (ETF).
The odds were less than this before now, and this climb could trigger bullish sentiments in the community to drive up volume.
