21 April, 2024



Cardano Faces Crucial Resistance: Can ADA Break Through for a Sustained Uptrend?

02 Oct, 2023

02 Oct, 2023

  • Cardano’s price is at $0.2634, showcasing a daily surge of 2.88%.
  • ADA’s future trend will depend on its interaction with current support levels.
  • Cardano is currently facing significant resistance at EMA 50 and BB50.

Cardano’s price is making a noteworthy attempt to breach prominent resistance, engaging with the EMA 50 and BB50 and encountering a .382 Fibonacci resistance. ADA’s future trends hang in the balance, hinging on whether it can sustain a position above the existing diagonal and horizontal support. After a prior breakout failed to maintain its upward trajectory, ADA’s path is riddled with anticipation, setting the stage for potential breakout or breakdown scenarios.

Crypto analysts and educators known on Twitter as CryptoBusy shared a post providing insights on the anticipated market movements of ADA:

The resistance level for Cardano is strong at $0.30, and the bulls have been struggling to push the price above this level. However, for some time now, ADA has been consolidating above this level and is attempting another breakout, and if it breaks through, it could lead to a more sustained uptrend. However, if the bears push ADA below $0.30, the recent breakout could be a false signal, resulting in a price correction to $0.2500 or even lower.

The 50-EMA currently trades above the 20-EMA on the daily chart, indicating a bullish trend. The ADA’s current price is trading above the 50-Simple Moving Average, indicating a positive momentum. This suggests that the bulls have the upper hand in influencing the price to continue its upward trend.

Cardano’s price is $0.2634 at the time of writing, with a daily surge of 2.88%. The bullish momentum is strong, with the buyers dominating the market. The positive outlook for the Cardano price is also supported by increased trading volumes in the past 24 hours. The current trading volume is $181 million, with a surge of 65% in the past 24 hours.

The current market cap for ADA is $9.2 billion, making it the 8th largest cryptocurrency by market capitalization. The long-term outlook for Cardano remains positive, with many experts predicting a price increase in the near future. The support levels for Cardano are formed at $0.26 and $0.25, while the resistance levels stand strong at $0.27, $0.28, and $0.30. 

The daily technical indicators outlook is currently positive, with the moving averages signaling a bullish trend. The RSI indicator is currently at above 60 levels, indicating a positive momentum in the market. The MACD indicator is also bullish, with the signal lines above the zero line and indicating a possible continuation of the uptrend. The Average directional index also shows a positive trend, with the +DI line above the -DI line

Source: Tradingview

In conclusion, while there might be some short-term volatility in Cardano’s price, the overall outlook for this cryptocurrency remains positive. With strong support levels and bullish technical indicators, ADA would likely continue on its upward trend.

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