Cardano Price Prediction: New Found Support Sets $ADA for 28% Upswing

Sahil Mahadik
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Cardano Price

Cardano Price Prediction: Amid the launch week of Spot Bitcoin ETF, the Cardano coin correction managed to rebound from 50% Fibonacci retracement level at $0.46. From this newfound support, the coin price has surged 16.65% to reach the current trading price of $0.54. As a market participant anticipates Cardano being a suitable candidate for ETF approval, the ADA holds a strong potential to resume its prevailing recovery. The formation of an inverted cup and handle pattern in the technical chart gives additional confirmation for a potential rally.

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Will ADA Price Prolong Correction Beyond $0.5?

  • A healthy retracement indicates the ADA price is poised for a strong bounce back.
  • A consolation of technical support at $0.46 creates solid buyers for coin buyers.
  • The intraday trading volume in the ADA coin is $376 Million, indicating a 23% gain.
Cardano Price Prediction
Cardano Price Prediction| TradingView Chart

The Cardano price resilience above the 50% Fibonacci retracement level suggests that the current bullish trend remains robust, with the ongoing correction likely serving as a period for buyers to revitalize their bullish energy. The recent decline in ADA’s value, which saw a 10.3% drop over three days to a trading price of $0.528, appears to be in sync with a broader market downturn, as the Bitcoin price struggles for momentum despite the launch of spot BTC ETFs.

Interestingly, the daily chart reveals that this recent dip has helped Cardano form a well-recognized bullish reversal pattern known as the “Cup-and-Handle.” This pattern, typically emerging at the end of a bearish phase, may be an early indicator of an impending trend shift.

Should this pattern be validated by market players, ADA’s price is expected to climb by approximately 27.5%, aiming to breach the neckline resistance near $0.67. A successful breakout from this resistance level could amplify buying activity and offer an attractive entry point for bullish investors.

The post-breakout rally could bolster buyers to chase potential targets of $0.8, followed by $0.91, and $1.13.

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ADA vs BTC Performance

Cardano Vs Bitcoin Price
Source: Coingape| Cardano Vs Bitcoin Price

The last three-month projection for Cardano and Bitcoin has been strongly bullish. However, with the current uncertainty in the crypto market surrounding Spot Bitcoin ETF, the ADA coin suffered a notable lower high formation observed in its price. However, the Bitcoin price continues to stand its growth and bullish note with new higher highs and lows.

  • Average Directional Index: The ADX value at 24% indicates the current correction has managed to recuperate the buyer’s strength.
  • Exponential moving Average: The coin price trading above the 100-and-200-day EMA indicates the overall trend remains bullish.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
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
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.