Cardano Price Analysis: Will $0.3 Support Hold Amidst Market Volatility?

Cardano Price Analysis: Amid the recent upsurge in the crypto market, the Cardano price gave a massive breakout from the weekly resistance of $0.3. The breakout rally made a high of $0.379 but faced an immediate reversal with consecutive red candles. This pullback may retest the breached resistance as potential support and validation of buyers can sustain higher prices.

Also Read: Cardano Founder Says XRP Win is “One Giant Leap for Cryptocurrencies”

Cardano Price Daily Chart

• A pullback to $0.3 support could replenish the recovery sentiment in ADA
• The 200-day EMA AT $0.355 creates a strong supply zone
• The intraday trading volume in the ADA coin is $216.6 Million, indicating a 10% loss

Source- Tradingview

In the last 4 days, the Cardano price has tumbled 18.5% and reached the current trading value of $0.308. With sustained selling, the price will test the support strength of the recently breached $0.3 and set the potential for further growth.

The decreasing trading volume in this correction phase signals a temporary retracement as the involvement of lesser traders on the bearish side also indicates strong conviction in buyers. Thus, the ADA price is likely to hold the $0.3 flipped support and obtain a higher footing to rise higher.

The correction rally could rise to potential targets of $0.38, followed by $0.42, and $0.46.

Can ADA Price Revisit $0.24?

In case the market sentiment takes a bearish turn, a breakdown below $0.3 support will invalidate the bullish thesis. The possible crackdown will signal the prior breakout as a bull trap, which in return would intensify the selling momentum. The post-breakdown fall could tumble the prices $0.24 mark.

• Vortex Indicator: The converging VI+(blue) and VI-(orange) with intent for negative crossover indicates losing bullish momentum
• Exponential Moving Average: The 20-and-50-day EMA wavering near the $0.3 support offers an additional edge to market bulls.