Price Analysis

Cardano Price Analysis: ADA Eyes $0.68 as Bitcoin’s Rally Signals Broader Market Strength

Cardano Price Analysis: ADA trades in a symmetrical triangle at $0.47, hinting at a bullish breakout. Santiment highlights Bitcoin's rise past $70,000.
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Cardano Price Analysis: ADA Eyes $0.68 as Bitcoin’s Rally Signals Broader Market Strength

Highlights

  • The Cardano coin under the influence of a triangle pattern may prolong a sideways action.
  • The 200-day EMA slope acts as dynamic resistance to a limited ADA price rally.
  • The intraday trading volume in the ADA coin is $290.6 Million, indicating a 28% gain.

Cardano Price Analysis: The crypto market started the new week on a bullish note following the lead of top digital assets Bitcoin and Ethereum. With the BTC price hitting $70000 and ETH poised to surpass the $4000 mark, the majority of major altcoins including Cardano witnessed a renewed buying interest. By the press time, the ADA price is up 3.5% and shows a reversal from the recent correction to break overhead resistance.

Also Read: Solana (SOL) v Cardano (ADA): How The ‘ETH Killers’ Performed This Week

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Cardano Targets Breakout as ADA Approaches Key Resistance Level

Cardano Price Analysis| Tradingview

Over the past six weeks, the Cardano price has been trading sideways resonating within two converging trendlines. The altcoin rebounded twice from each trendline indicating active resistance and support which narrows the price range gradually. 

The symmetrical triangle is known to lead a consolidation to recuperate the exhausted momentum for the prevailing trend. The ADA price currently trades at $0.47 and is heading to the upper boundary of the triangle for a bullish breakout.

Moreover, the crypto analytics firm Santiment highlighted that Bitcoin has once again surpassed a market value of $70,000. This milestone coincides with a pause in U.S. equity markets due to Memorial Day. 

Santiment noted that this positive movement is particularly encouraging as it demonstrates the crypto market’s ability to perform independently of traditional stock markets, a correlation it has maintained since 2022. This development highlights the growing resilience and potential of the cryptocurrency market to thrive even in the absence of conventional market influences.

If the broader market sentiment remains bullish, the ADA price is likely to surpass the overhead trendline to release the build-up bullish momentum. The post-breakout rally could push the asset to $0.624, followed by $0.68.

However, if the supply pressure at the overhead trendline persists, the Cardano price may prolong its current consolidation for the coming week or two.

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Technical Indicator:

  • Relative Strength Index: The RSI slope wavering at the 50% mark projects a neutral sentiment among market participants.
  • Exponential Moving Average: The 100-and-200-day EMA slope wavering around the $0.5-$0.52 mark creates a high supply zone for traders.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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