Here’s Why Cardano Price Recovery Could Extend To $1

For nearly three weeks, the Cardano coin has been trading sideways between the price level of $0.4 and $0.34. This uncertainty is likely triggered by the delay in approval first Bitcoin spot ETF and the ongoing legal saga around the Binance exchange and its former CEO Changpeng Zhao “CZ. However, the pullback in this correction is still within health retracement levels of a Fibonacci retracement tool indicating the long-term projection remains bullish.

The ninth-largest cryptocurrency is up 2% on Friday, 9% in seven days, and 34% in 30 days. Trading ADA has since October proved significantly bullish, especially for the bulls. Traders with a higher risk appetite find Cardano price an attractive investment, mainly in shorter timeframes allowing for scalping opportunities.

Although bulls have the remains based on the technical outlook in the daily timeframe, Cardano is facing an uphill battle due to the resistance at $0.4. A successful breakout above this level is required to enhance the bullish theory for gains above $0.5 and subsequently to $1.

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Cardano Price Prediction As ADA Consolidates Before Breakout

Cardano holds above all three bull market indicators including the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple).

On top of the bull market indicators, the momentum behind Cardano is bound to increase if market participants heed the call to buy ADA based on the presence of two bullish crosses.

The first golden cross came into the picture with the 50-day EMA moving above the 100-day EMA on November 6 while the second was confirmed roughly a week later with the same 50-day EMA flipping above the 200-day EMA.

For now, it remains to be seen how Cardano price will react to the seller congestion between $0.4 and $0.41. Any signs of the uptrend weakening will be invalidated if this resistance is obliterated.

Failure to break above this area could change the technical outlook for ADA, with traders likely to start booking short-term profits rather than booking new long positions. Those keen on the position of the Moving Average Convergence Divergence (MACD) indicator may consider shorting Cardano and adding to the selling pressure.

A sell signal from the momentum indicator manifested with the blue MACD line crossing below the signal line. Other bearish cues include the general downward movement toward the neutral area and the red histograms forming below the same area.

Crypto Traders Predict What’s Next for Cardano (ADA)?

Most traders expect Cardano to keep the uptrend intact, with some like Alexander Legolas, saying via Twitter (now X) that Cardano is on a journey to reach $0.6 based on the analysis of a bull flag.

ADA BULL FLAG! THE JOURNEY TO $0.60 IS ON DA WAY! RETWEET IF YOU BELIEVE.#CARDANO $ADA pic.twitter.com/V8xx52Jjba

— Alexander Legolas (@ShillMoBaggins) November 24, 2023

Crypto analyst and YouTuber on the channel Crypto Capital Venture is also positive for Cardano price, stating that the token is “even more exciting” than Bitcoin which he believes could rally significantly if resistance at $38,000 weakens.

That said, it would be prudent to tick some boxes for a breakout to $0.5 and $1. As established, a break above $0.41 would confirm the expected bullish move towards $1. On the other side of the fence, declines may extend to $0.3 if support at $0.35 fails to hold due to intensifying losses.

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