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- 1 Cardano price prediction favors the bulls and suggests a rise till it sustains above the $0.2500 level.
- 2 ADA price attempted to break the 200-day EMA but got rejected.
- 3 Cardano price has recovered about 30% from the recent low.
Cardano price prediction suggests a rise in the long run till it sustains the price above the $0.2500 level. It recovered about 30% from the recent swing low and showed initial signs of a bullish trend reversal.
ADA price shot up 23% in a single day and attempted to break the $0.4000 level. Unfortunately, buyers failed to give the follow-up momentum and prices faced rejection.
Cardano price managed to climb above the 50-day EMA which triggered the positive sentiment. It turned the short-term trend in favor of bulls. However, the 200-day EMA placed higher which is acting as an immediate hurdle for the bullish traders.
In mid-June 2023, ADA price dropped below the $0.3000 support which invites further decline. The prices did not collapse much and the downfall halted near the $0.2500 level. After consolidating for a few days, slow and steady prices began to recover by forming higher high swings.
Cardano price is trading at $0.3275 with an intraday rise of 1.52%. The 24-hour volume to market cap is 4.37%. The pair of ADA/BTC is also recovering and trading at 0.00001094.
Will Cardano Price Retest the Previous Swing High?
Cardano price prediction is mildly bullish and suggests bulls are returning back to track. The prices have not performed well in the past few months and have been trading with mild bearishness.
The recent upmove looks powerful due to the rise in the buying volume and the trend seems to be reversing upward. Till ADA crypto price sustains above $0.2500, the possibility of a bounce remains high.
However, the price will pick up momentum when buyers will be able to break the $0.3869 hurdle. On the other hand, if the price drops below $0.2500, then it may raise concerns for long-term investors.
ADA Price Analysis on the Weekly Time Frame
ADA price formed a bullish hammer candle on the weekly timeframe. The volatility is quite high and buyers are trying their best to keep the price above the 50-day EMA.
The MACD curve is rising upward and sustaining above the zero line which indicates mild bullishness. It generates a positive crossover and the histogram bar is also on the rise. The RSI curve is at 58, pointing upwards. It denotes the strength of bulls and more room for an upside trend.
Conclusion
Cardano price prediction suggests a rise and bulls seem to be returning back to track. ADA price is in recovery mode and buyers are trying to reverse the positional trend.
The technical analysis suggests, if ADA crypto price breaks the $0.3869 hurdle, then it might begin the journey to reach the previous high.
Technical Levels
- Resistance levels: $0.3869 and $0.4617
- Support levels: $0.3000 and $0.2386
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
