Cardano

Bitcoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/xMGIC28n-e1699012877146.png" class="attachment-full size-full wp-post-image" alt="ADA price" decoding="async" style="float:right; margin:0 0 10px 10px;">
<p><span style="font-weight: 400;">The recent performance of the Cardano coin has mirrored the broader altcoin market’s bullish trend that persisted from October into November. Thus, in the past three weeks, this altcoin <a href="https://coingape.com/ada-price-shoots-past-0-30-will-cardano-outperformance-continue-in-november/">recorded substantial growth</a>, with its price escalating from $0.24 to $0.31—a leap of 32.5%. This rally culminated in a breakthrough of a long-established descending trendline, hinting at a possible trend reversal for ADA.</span></p> 
<p>Also Read: <a href="https://coingape.com/press-releases/etuktuk-raises-over-165000-in-presale-while-ada-whales-in-motion/">eTukTuk Raises Over $165,000 In Presale While ADA Whales In motion</a></p> 
<h2 id="b-trendline-breakout-s-ets-ada-for-bullish-trend-b"><b>Trendline Breakout S.ets $ADA for Bullish Trend</b></h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A bullish breakout from the long-coming resistance trendline hints at an early sign of the correction phase ending.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A 50–and–100–day EMA nearing a bullish crossover provides an extra edge to market buyers</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The intraday trading volume in the ADA coin is $499 Million, indicating a 39% gain</span></li> 
</ul> 
<p><span style="font-weight: 400;"><img decoding="async" src="https://s3.tradingview.com/snapshots/x/xMGIC28n.png" alt="TradingView Chart">Source- </span><span style="font-weight: 400;">Tradingview</span></p> 
<p><span style="font-weight: 400;">The <a href="https://coingape.com/price/cardano/">Cardano price</a> decline, which began in September 2021, had moderated into a more gradual descent since June 2022, marked by a pattern of higher highs and higher lows. This trend has been tracked in the daily chart by a downward-sloping trendline over the past 16 months, with two notable price rejections from this resistance level, indicating active selling during bullish attempts.&nbsp;</span></p> 
<blockquote>
 <p><span style="font-weight: 400;">However, the recent market recovery has propelled the ADA price to rebound from a key support level of $0.24, resulting in a breakout on November 2. This shift suggests a change in market behavior from selling on rallies to buying the dips, potentially offering buyers a new support level to launch further advances.&nbsp;</span></p>
</blockquote> 
<p><span style="font-weight: 400;">Currently, the ADA price is trading at $0.313 with a slight retreat of 3%, retesting the recently breached resistance-turned-support trendline. If the pattern holds true, the subsequent target could be the previous highs that interacted with the descending trendline, projecting a rise to $0.45 and potentially extending to $0.68.</span></p> 
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     <span class="d-flex " id="live-price-data-fix"> <a href="https://coingape.com/price/converter/cardano-to-usd/?amount=1" class="pr-0 align-items-center fw7 d-flex f16"><img src="https://static.coinpaprika.com/coin/ada-cardano/logo.png" class="maincoinimgdat mr-2" width="25px">1 ADA to USD </a> <span class="ml-1 mr-1"> = </span> <span class="currentPrice  f15 fw6">$0.3228818</span></span> <span class="up-prices price-indicator d-on fw7 f14"> 0.25% <span class="fw5 f13 text-dark ml-1"> (24h)</span></span> 
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<h2 id="b-ada-vs-btc-performance-b"><b>ADA vs BTC Performance</b></h2> 
<p><span style="font-weight: 400;"><img decoding="async" class="aligncenter wp-image-163263 size-full" src="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-03_17-24-14-e1699012754823.png" alt="ADA vs BTC" width="1220" height="686">Source: Coingape| Cardano Vs Bitcoin Price&nbsp;</span></p> 
<p><span style="font-weight: 400;">In a comparison analysis, the Bitcoin price has been outperforming the Cardano coin for over a year now. While the ADA price has traded majorly sideways, the BTC price shows a steady rise with new higher hows and lows.</span></p> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><b>The Average Directional Index: </b><span style="font-weight: 400;">The ADX price at 42, signals that the bullish momentum may be waning and therefore, investors should monitor the asset sustainability before establishing new positions.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><b>Exponential Moving Average: </b><span style="font-weight: 400;">The price rise above the 200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> could serve as an additional indicator of a trend reversal, lending support to the bullish outlook.</span></li> 
</ul> 
<p>The post <a rel="nofollow" href="https://coingape.com/markets/cardano-price-prediction-as-buyers-escape-16-month-correction/">Cardano Price Prediction as Buyers Overcome a 16-Month Correction; Is $0.4 Next Target:?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.</p>

Cardano Price Prediction as Buyers Overcome a 16-Month Correction; Is $0.4 Next Target:?

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