Cardano Crypto Could Fly 30% Higher If Surpasses This Level?

• 1 At press time, the Cardano price was trading close to $0.70, recording a swift intraday gain of 2.54%.
• 2 ADA price rebounded from the 50-Day EMA and halted the further fall.

The Cardano crypto price is grinding higher to near the 20 day exponential moving average on the second consecutive day. The ADA price took rebound from the dynamic support of 50 day EMA is attempting for a recovery. 

Earlier, the ADA crypto experienced a sharp fall in the last few sessions and fell under the 20-Day EMA, highlighting the early signs of weakness in the short-term trend. 

However, the 50-Day EMA acted as a support and the price was able to close on the higher side yesterday. At the time of writing, Cardano crypto was hovering near $.70, recording a positive intraday development of nearly 2.5%. 

The short-term as well as long-term trend outlook is still on the positive side which may push the price higher again if the bulls establish their presence near the 50-Day EMA and halt the further fall. 

Volatility Shows A Spike In The Recent Sessions!

The above chart displays a correlation between the price volatility and volume received. The price has formed a bearish trajectory in the recent sessions and loomed below the 20 EMA. The volatility has experienced a rise in the last few sessions indicating the rising instability in the price.

Moreover, the volume analysis shows that the intraday volume received was $750.36 Million with a drop of nearly 30% as compared to the previous day. It has a live market cap of $24.08 and ranks 8th in the overall crypto market. 

The current circulating supply of 35.56 Billion ADA tokens which is nearly 79.03% of the total supply. The total supply of Cardanno crypto is 36.71 Billion and the maximum supply is 45 Billion ADA tokens.

Social Dominance And Social Volume Shows Continuous Growth!

Social dominance and social volume sentiment is an indicator of the increasing or decreasing popularity and awareness of Cardano price among the users. The users include the users from various social media platforms like X (formerly Twitter), Instagram, and Telegram.

The social dominance and social volume chart of ADA crypto shows growth in the number of social users in the last couple of months. The rising popularity may leave a positive impact in the future growth of crypto.

Cardano Crypto: RSI Signals Weakness In The Trend

At the time of writing, the RSI line was placed at 48.97 points and that of the 14-Day SMA line was placed at 59.07. A bearish crossover of both the lines was observed on the charts suggesting a bearish sentiment being developed in the market. 

Moreover, the ADA cryptocurrency price has broken below the 20-Day EMA suggesting weakness in the short-term trend. At the time of writing, the price was hovering above the 50 and 200-Day EMAs, highlighting a positive trend.

Cardano Crypto Could Rise 30% If Breaks Above This Level

on

ADA crypto price is stabilizing near the 50-Day EMA. On the higher side, the $0.8 level might act as a strong hurdle for the bulls. The bulls need to establish their presence at the lower levels to prevent the further fall.

Now, any sustained move above the $0.77 level may unlock the price potential till an important psychological level of $1. It suggests an upside potential of nearly 30%. However, if the bulls fail to accumulate near the lows and price continues to dig lower, it may indicate the continuation of a short-term price correction. 

Conclusion

The Cardano crypto is extending the gains on the second consecutive day after experiencing a sharp fall in the recent sessions. The price broke below the 20-Day EMA indicating weakness in the short-term trend. However, the ADA price still hovers higher than the 50 and 200-Day EMAs highlighting a positive trend. The bulls are attempting a recovery.

Now, if the bulls surpass the recent supply of $0.77, it may surge higher to reach the $1 mark. The volatility has increased in the recent sessions. The technical indicators are implying a neutral to slightly bullish outlook.

Technical Levels:

• Support Levels: $0.63 and $0.54
• Resistance Levels: $0.80 and $1.01

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.