Cardano

Rally

Read

Propel

<ul>
 <li>ADA’s price faced sharp bearish pressure after hitting a 2023 peak of $0.462 in April.</li>
 <li>Despite challenges, buyers aim to prevent a negative YTD growth rate and maintain support above $0.20.</li>
 <li>The symmetrical triangle pattern suggests an imminent breakout, with $0.30 as a potential target.</li>
</ul>
<p>Cardano’s ADA price trajectory has been turbulent since its 2023 peak at $0.462 in April, succumbing to significant bearish pressure. The ongoing struggle to avoid a negative year-to-date (YTD) growth rate has kept buyers on edge, with the aim of maintaining ADA’s price above the crucial $0.20 mark.</p>
<p>Despite these challenges, there is optimism within the Cardano community, fueled by expectations of a market-wide comeback favoring bulls. This renewed hope aligns with Cardano’s price prediction, which suggests the potential for ADA to reach the coveted $1 milestone.</p>
<p>A significant factor in ADA’s price chart is the resistance trendline, which has been a prominent feature throughout its downtrend. Buyers have diligently defended this line to prevent further corrections and uphold the price above $0.24. Recent rejections at higher prices have hindered ADA’s momentum, especially in challenging the overhead trendline.</p>
<p>The long wick rejections from this trendline signify robust supply pressure, acting as a counterbalance to the bullish surge. As of the latest data, ADA is trading at $0.26, with demand near the support trendline attempting to absorb selling pressure and potentially reverse the trend.</p>
<figure class="wp-block-embed is-type-wp-embed is-provider-crypto-news-land wp-block-embed-crypto-news-land">
 <div class="wp-block-embed__wrapper">
  <blockquote class="wp-embedded-content" data-secret="rknzsFngNT"><a href="https://cryptonewsland.com/cardano-ada-price-prediction-forecast/" rel="noopener noreferrer nofollow">Cardano (ADA) Price Prediction 2023 to 2031: Will ADA Price Hit $2 Soon?</a>
  </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="“Cardano (ADA) Price Prediction 2023 to 2031: Will ADA Price Hit $2 Soon?” — Crypto News Land" src="https://cryptonewsland.com/cardano-ada-price-prediction-forecast/embed/#?secret=Wa3gheZ8SC#?secret=rknzsFngNT" data-secret="rknzsFngNT" width="600" height="338" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
 </div>
</figure>
<p>The anticipation is palpable, with a triangle breakout looming on the horizon. ADA prices appear poised to reclaim bullish momentum, especially with a broader market recovery in sight. If ADA surpasses the trendline, a breakout rally could propel it to $0.30 before targeting $0.356. Conversely, a dip below the $0.25 zone would test the $0.24 support level.</p>
<p>In conclusion, while ADA faces formidable challenges, the crypto community remains hopeful for a resurgence. With the potential for market recovery and positive sentiment surrounding Cardano, ADA’s future looks promising.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/what-could-propel-xrp-to-skyrocket-by-over-700-analyst-weighs-in/" rel="noopener noreferrer nofollow">What Could Propel XRP to Skyrocket by Over 700%? Analyst Weighs In</a></li>
 <li><a href="https://cryptonewsland.com/top-analysts-view-is-xrp-gearing-up-for-a-5000-rally/" rel="noopener noreferrer nofollow">Top Analyst’s View: Is XRP Gearing Up for a 5,000% Rally?</a></li>
 <li><a href="https://cryptonewsland.com/what-top-analyst-says-about-xrps-forthcoming-rally/" rel="noopener noreferrer nofollow">What Top Analyst Says About XRP’s Forthcoming Rally</a></li>
 <li><a href="https://cryptonewsland.com/xrps-fate-hangs-in-the-balance-will-it-soar-to-1-or-plummet-to-0-35/" rel="noopener noreferrer nofollow">XRP’s Fate Hangs in the Balance: Will It Soar to $1 or Plummet to $0.35?</a></li>
 <li><a href="https://cryptonewsland.com/why-every-investor-should-consider-adas-prospective-jump-to-26/" rel="noopener noreferrer nofollow">Why Every Investor Should Consider ADA’s Prospective Jump to $26</a></li>
</ul>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/cardano-ada-price-analysis-will-it-bounce-back-to-1-amidst-bearish-pressure/">Cardano (ADA) Price Analysis: Will It Bounce Back to $1 Amidst Bearish Pressure?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Cardano (ADA) Price Analysis: Will It Bounce Back to $1 Amidst Bearish Pressure?

Crypto News Land

Other articles published on Oct 18, 2023

Paris Blockchain Week 2024 to Host Cutting-Edge Web3 Innovation

Coinbase Lobbying Strategy Faces Hurdles Following Hamas Crypto Use: Berenberg

SUI Coin Faces Serious Fraud Claims: SUI Price Drops All-Time Low, High TVL Fails

Coinbase selects Germany as a key regional talent hub amid the growing shift of web3 firms from t...

Litecoin Maintains Its Horizontal Trend And Stays Above $61

Is It Too Late to Buy Toncoin? TON Price Leaps 7% as Viral Crypto Casino Secures $1.2 Million in ...

Join our free newsletter for daily crypto updates!