Cardano

Rally

Bitcoin ETF

Edge

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/GC8j4YzU-e1701110256837.png" class="attachment-full size-full wp-post-image" alt="ADA price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Cardano Price Prediction: in the last two weeks, the crypto market has witnessed high volatility, triggered by events concerning the Bitcoin ETF and the <a href="https://coingape.com/binance-ceo-richard-teng-discloses-comprehensive-plan-for-crypto-exchange/">legal issues surrounding Binance</a>. As a result major cryptocurrencies, including Cardano, have been trading sideways reflecting uncertainty among traders. However, a closer examination of the daily chart reveals that this consolidation phase aligns with a broader bullish pattern known as a pennant. 
Also Read: <a href="https://coingape.com/ai-integration-deepens-in-cardano-with-girolamo-chatbot-launch/">AI Integration Deepens in Cardano with Girolamo Chatbot Launch</a> 
<h2 id="b-will-ada-price-surpass-0-5-barrier-b">Will ADA Price Surpass $0.5 Barrier?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the triangle pattern will intensify the buying momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">The post-correction could asset buyers to surpass $0.5</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the ADA coin is $246 Million, indicating a 10% gain</li> 
</ul> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/g/GC8j4YzU.png" alt="Cardano Price Prediction" width="1946" height="1105">Source- Tradingview 
The <a href="https://coingape.com/price/cardano/">Cardano price</a> recovery encountered a major roadblock around the $0.4 level, resulting in a consolidation phase due to overhead supply. This sideways movement, characterized by alternating green and red candles, signifies a lack of significant initiative from buyers or sellers. 
Nevertheless, this <a href="https://coingape.com/markets/where-cardano-price-is-heading-by-november-end/">consolidation fits within two converging trendlines</a>, forming a bullish pennant pattern. This pattern suggests that buyers are gathering strength after the previous bullish momentum exhaustion, preparing for a potential upward move.&nbsp; 
<blockquote>
 A recent reversal from the pattern’s overhead trendline has led to the current trading price of $0.377. Given these circumstances, it’s probable that the altcoin price will continue to consolidate for several days before a decisive breakout.&nbsp;
</blockquote> 
A breakout above the overhead trendline could indicate a continuation of the bullish trend, aiming for an initial target of $0.67, marking a 20% increase, followed by an extended recovery towards $0.55. 
<h2 id="b-ada-vs-btc-performance-b">ADA vs BTC Performance</h2> 
<img decoding="async" class="aligncenter size-full wp-image-166392" src="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-28_00-05-27.png" alt="" width="1920" height="1080" srcset="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-28_00-05-27.png 1920w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-28_00-05-27-300x169.png 300w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-28_00-05-27-1224x689.png 1224w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-28_00-05-27-768x432.png 768w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-28_00-05-27-1536x864.png 1536w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-28_00-05-27-678x381.png 678w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-28_00-05-27-150x84.png 150w" sizes="(max-width: 1920px) 100vw, 1920px">Source: Coingape| Cardano Vs Bitcoin Price 
Analyzing the price behavior of Cardano and Bitcoin over the last three months, both witnessed significant growth during the October-November rally. However, a closer look reveals the ADA witnessed higher volatility and sharper price movements, making it a less favorable choice for risk-averse traders compared to Bitcoin, which has exhibited a more consistent rally. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bearish crossover state between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and signal line project correction trend is active.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The shrunk range of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> accentuates high volatility before a directional rally.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/cardano-price-prediction-as-ada-edge-close-to-45-rally/">Cardano Price Prediction As $ADA Edge Close to a 45% Breakout Rally</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Cardano Price Prediction As $ADA Edge Close to a 45% Breakout Rally

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