Monday, March 4, 2024

Technical Indicators Suggest Cardano (ADA) Could Rally 35%.

Cardano’s price is finding support from a rising trendline. A fall would allow buyers who have been sidelined to consolidate, while a breakout above a significant obstacle might send ADA higher.

Cardano’s price is at a turning point
The cardano price formed a local top at $0.647 and then fell into consolidation. After that, ADA made an attempt to resume its upward trajectory by establishing a higher high at $0.680, but the bullish momentum was insufficient to sustain this advance. Consequently, ADA has created a sideways trend and is now trading at $0.608.

Still, ADA has generated a series of higher lows, suggesting that buyers are steadfast in purchasing the dips.

The price of Cardano may short-term break the upward trend line that joins the higher lows made since December 8. This move may attempt a sweep of the equal lows at $0.541, as well as momentarily breach the weekly support level around $0.567.

For those who have been overlooked to acquire ADA at a reduced price, this 11% price correction in Cardano is crucial. This action would also force the short sellers to liquidate their holdings. These two occurrences cause a sharp increase in purchasing pressure, which sets off a rebound rally and results in the retake of the $0.622-level 12-hour support.

In a very bullish scenario, the cardano price may continue rising and try to replicate the 55% rise that was seen between December 7 and December 13 if it can get past the $0.600 to $0.650 supply zone. Consequently, ADA may balloon from the weekly assistance level of $0.567 by 35% in order to reach the $0.800 and $0.823 barriers.

However, it could indicate weakness if the price of Cardano moves from the $0.567 support level to a resistance barrier on a weekly basis. This rise would also lead to a lower low and refute the bullish premise.

The price of Cardano can drop 25% in such a scenario and reach the $0.400 support level.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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