Published 8 hours ago
In our previous Cardano price analysis, we accentuated the ADA/USDT pair was following an established downtrend under the influence of a downsloping trendline. The coin price had turned down from the resistance trendline multiple times, indicating the sellers were actively using the trendline to undermine the Cardano price’s potential growth. However, the buyers have recently breached this resistance trendline, and here’s how it may influence the coin’s near future price.
Key points:
- The ongoing retest phase above the $0.32 mark offers an entry opportunity for interested traders
- A bullish crossover between the 20-and-50-day EMA offers additional buying orders in the market
- The intraday trading volume in the ADA coin is $275.4 Billion, indicating a 24% gain.
Source- Tradingview
With the recent recovery in the crypto market, this altcoin witnessed a V-shaped recovery from the 2022 low of $0.24. This recovery rally registered a 46.4% jump and pushed prices to its current level of 0.348.
Moreover, this price recovery has also breached a combined resistance of $0.33 and a long-coming resistance trendline mentioned above. Today, the Cardano Coin price is down by 1% and continues to hover above the breached resistance.
As a matter of fact, a pullback or consolidation phase might be necessary to stabilize ADA price from the recent bull run. A potential consolidation above $0.33 will valid whether the buyers can sustain the higher levels or not.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
Thus, a post-retest rally may soar the ADA price 22% higher to hit the dollar $0.42 mark.
On a contrary note, in the case of a bearish pullback, a breakdown below $0.33 or $0.3 will offset the bullish momentum.
Technical Indicator.
Relative Strength Index: the daily RSI slope on the verge of entering an overbought region indicates the traders have over-extended the buying activity. Thus, a consolidation phase is required to replenish bullish momentum before the ADA price resumes the ongoing recovery.
EMA’s: the downsloping EMA’s(20, 50, 100, and 200), which previously acted as a dynamic resistance against buyers, are now moving below the ADA price. These reclaimed EMA’s may bolster buyers to prolong the bullish rally.
Cardano Coin Intraday Price Levels
- Spot price: $0.35
- Trend: Bearish
- Volatility: Medium
- Resistance level- $0.425 and $0.52
- Support level- $0.33 and $0.3
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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