Price Analysis

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

Cardano Price Prediction: the renewed buying interest at key Fibonacci support bolstered ADA price for a rally to $0.8
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Cardano Price Prediction: New Found Support Sets $ADA for 28% Upswing

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| 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

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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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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