Cardano

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/ada-price-analysis-new-supply-warns-sharp-correction-in-ada/">ADA Price Analysis: New Supply Warns Sharp Correction In ADA!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Following the sharp recovery in October, the ADA price shoots past the 200-day EMA and showcases a quick rise of 31% over the last 15 days. However, with a short pullback in the market, Cardano hits a supply wall, leading to an intraday fall.&nbsp;
Nevertheless, with a 28% year-to-date growth and ongoing recovery rally, the <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" rel="noopener noreferrer nofollow">Cardano price predictions</a> tease a bull run in 2023.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="481" src="https://image.coinpedia.org/wp-content/uploads/2023/11/03121208/ADAUSD_2023-11-03_10-59-48-1024x481.png" alt="" class="wp-image-241718" srcset="https://image.coinpedia.org/wp-content/uploads/2023/11/03121208/ADAUSD_2023-11-03_10-59-48-1024x481.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/11/03121208/ADAUSD_2023-11-03_10-59-48-300x141.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/11/03121208/ADAUSD_2023-11-03_10-59-48-768x361.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/11/03121208/ADAUSD_2023-11-03_10-59-48-1536x722.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/11/03121208/ADAUSD_2023-11-03_10-59-48-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/11/03121208/ADAUSD_2023-11-03_10-59-48.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Crossing the dynamic resistance of the downtrend EMAs, the ADA price skyrockets to the $0.325 mark. However, despite the sharp recovery, the buyers failed to overcome the excessive supply at the overhead ceiling of $0.325 mark.&nbsp;
Nevertheless, the ongoing recovery managed to reclaim the psychological mark of $0.30 mark with a symmetrical triangle breakout. Moreover, the pullback from $0.325 comes as a retest of the 200-day EMA breakout.&nbsp;
Currently, the ADA price trades at $0.318 with an intraday fall of 1.55%, leading to a bearish candle. Further, the trading volume has been on a decline in the past few days, projecting a weakness in short-term momentum.
Technical indicators:
MACD indicator: The rising trend in the MACD and signal lines continue to move on a positive trajectory with growing histograms.&nbsp;
EMA: The rising 50-day EMA comes closer to the 200-day EMA and increases the golden crossover possibility.&nbsp;
<h2 class="wp-block-heading" id="h-will-ada-price-reach-0-40">Will ADA Price Reach $0.40?</h2>
Despite the short-term pullback and increased supply, the ADA price may soon find fresh momentum to exceed the $0.325 resistance level. Moreover, a market-wide relief can trigger an early bull run in Cardano to surpass overhead resistance.
If the ADA price rises above the $0.325 mark, the breakout rally can reach $0.40 after surpassing $0.35. On the flip side, a sharp reversal from $0.325 can retest the $0.30 mark.

ADA Price Analysis: New Supply Warns Sharp Correction In ADA!

Table of Contents

CoinPedia News

Other articles published on Nov 3, 2023

Founder Thinks The Ethereum Chart Is “Gorgeous”: Is It True?

Abu Dhabi launches first global digital ledger technology regulations

7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Bolt Nigeria launches online training hub, to train 100 drivers weekly for 3 months

XRP Joins BTC, ETH With Dubai’s DIFC Approval

FTX legal consultants turned over customer trading records to FBI

Join our free newsletter for daily crypto updates!