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- 1 Cardano Price corrected 16% approx from swing high at $0.4600.
- 2 ADA price took support near EMA and preparing for a golden crossover.
- 3 Cardano Prediction Prediction is highly bullish on multiple timeframes.
Cardano Price prediction suggests a rise and seems to be turning bullish on multiple timeframes. ADA price corrected 16% approx from the recent swing high at $0.4600 and tried to drag the price below the EMA. Luckily, the correction halted near the EMA and prices began to consolidate. It shows responsive buyers are getting active near $0.3500 and bulls are trying to show their dominance.
Cardano Price is trading at $0.3910 with an intraday decline of -1.16%. The 24 hour volume to market cap ratio is 0.0202. The pair of ADA/BTC is trading at 0.00001369 with an intraday rise of 1.18%. The chart structure of ADA with BTC pair is also in a recovery mode and showing signs of bullish trend reversal. It indicates that buyers are active on both the pairs and the probability of continuing the upward momentum is high.
At the mid of March, ADA price took support near $0.2994 and formed a bullish engulfing pattern. It created a hope for the trend reversal and prices began to rise by forming fresh higher high swings. Later, it attempted to break the hurdle of $0.4200 but got rejected and witnessed profit booking from the higher levels.
Cardano Price prepares for golden EMA crossover
Cardano Price is forming a bullish continuation pattern and overall market sentiment is also bullish. It might positively impact the prices of other altcoins. If the ADA price succeeds to hold both the EMAs then prices may bounce back and try to hit swing high.
On the other hand, if the price dropped below the EMA then the possibility of the trend reversal will substantially decrease. Moreover, if the sell off continues then $0.3000 will act as a demand zone for the bullish traders. The technical analysis suggests Cardano price is in a bullish grip. Any short term correction will have a high probability of bouncing back from the lower levels.
ADA price performed well in past few months
ADA price formed a Doji candle on a weekly time frame. It shows that short term correction is over and prices may again reverse upward. Cardano crypto performed well in the past few months and generated decent returns for the investors. Therefore, it is expected that ADA price will continue to perform well in coming months.
The technical indicators like MACD had generated negative crossover but the curve is still above zero line. It indicates mild bearishness but the possibility of upward reversal is high. The RSI at 46 sloping sideways denotes prices is near to neutral territory and likely to consolidate for some more time.
Conclusion
Cardano Price prediction suggests a rise and turning bullish on a multiple timeframe. ADA price correction took halt near the EMA support and entered consolidation. It shows responsive buyers are active at lower levels. The technical analysis suggests, Cardano price is in bulls grip and short term correction will have high probability of bounce back from support levels.
Technical levels
Resistance levels : $0.4630 and $0.5254
Support levels : $0.3000 and $0.2400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
