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  • Despite some strong selling pressure earlier in the session, ADA bounces back to trade only 1.17% lower
  • Since 13th March the price has risen over 200% making it one of the best performing cryptos.

ADA/USD 1-hour chart

There was a broad-based sell-off in the cryptosphere on Wednesday leaving most of the crypto majors trading in the red. Although ADA/USD is still trading lower it could have been much worse as the pair bounced off session lows to push 5% higher.

Although there has been a lower high and lower low printed on this chart already the trend is still firmly higher. 

ADA/USD recovers

ADA/USD daily chart

The price seems to be edging closer toward the 0.060 level now. If it does manage to get there it would be very close to the 76.4% Fibonacci retracement and retracing back most of the losses seen between 13th February and 13th March. 

The volume is still looking pretty good and this shows that participation in ADA/USD still remains firm. The major spike was at the 13th March low but this is the case with most cryptocurrencies. 

Cardano pulls back