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- 1 The Cardano price structure looks bullish and can show a tremendous gain in future sessions.
- 2 The trading volume on all major exchanges was 714.36 Million, and the current market price was $0.59193, with a 4.79% decline.
The ADA crypto price has been doing very well on the daily chart. It rose from $0.2500 to $0.6800 during the last three months of 2023, a stunning 182% increase. However, it met some resistance at the peak and dropped into a wedge pattern.
The ADA crypto price is still showing signs of a turnaround, as it rebounded from a key support level of around $0.44806 and broke out of the wedge recently.
The crypto price seems prepared for a remarkable rally, building strength to break the resistance level and reach new highs.
The Cardano crypto is currently facing some minor setbacks, as it has yet to surpass the 20-day and 50-day EMA levels on the daily chart. It implies buyers are still hopeful and bullish for the next session.
The trading volume on all major exchanges was 714.36 Million in the last 24 hours. ADA coin’s current market price was $0.59193, with a 4.79% decline.
Cardano Crypto Price is About to Breach Resistance & Aims to Go Far
The ADA coin shows the ability to rise as it tries to remain above major trend EMAs. Depending on the buyers’ demand, the price could increase rapidly to reach higher targets.
In addition, other technical tools, such as MACD, show bullishness as it is in a positive zone and above the zero line. MACD is at 0.02640, the signal line is at 0.01988, and the histogram is at 0.00653.
Furthermore, the Cardano price structure looks like a bullish pattern known as a falling wedge. According to this structure, the breakout could also go up to $0.75177, with intermediate resistance at $0.63891.
Another possibility would be that if the falling wedge pattern fails and falls below the 20-day and 50-day EMAs, the price could hit $0.44806, and beyond that, it could even reach the supply zone.
Summary
The technical factors of the ADA price indicate more upward movement, depending on the buyers’ demand, over the daily chart. Credible indicators like MACD and EMA display and convey bullish signals for the price.
The Cardano price highlights the bullish sentiments and perspectives regarding the crypto asset in the daily time frame. The ADA price action highlights a bullish view at the time of publishing.
Technical Levels
Support Levels: $0.44806
Resistance Levels: $0.63891
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
