Rally

Cardano

The post <a href="https://coinpedia.org/price-analysis/ada-price-analysis-teases-a-potential-breakout-rally-to-cross-1/" rel="noopener noreferrer nofollow">ADA Price Analysis Teases A Potential Breakout Rally To Cross $1!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the week going strongly bullish for Cardano, the ADA price marks an impressive rise of 10.79% and teases a bull run beyond $0.70. Further, the daily chart showcases a potential rounding bottom that increases the likelihood of buyers prolonging the uptrend.&nbsp;
With the improving sentiments around the New Year’s rally and the altcoin season knocking at the door, Cardano teases a solid trend reversal. Therefore, with the increasing possibility of a $0.70 breakout, the <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" rel="noopener noreferrer nofollow">Cardano price predictions</a> maintain an optimistic viewpoint.&nbsp;
<h2 class="wp-block-heading" id="h-ada-price-weekly-chart-turns-on-the-bullish-mode">ADA Price Weekly Chart Turns On The Bullish Mode</h2>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="465" src="https://image.coinpedia.org/wp-content/uploads/2023/12/28150645/ADAUSD_2023-12-28_13-43-19-1024x465.png" alt="" class="wp-image-256997" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/28150645/ADAUSD_2023-12-28_13-43-19-1024x465.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150645/ADAUSD_2023-12-28_13-43-19-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150645/ADAUSD_2023-12-28_13-43-19-768x349.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150645/ADAUSD_2023-12-28_13-43-19-1536x698.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150645/ADAUSD_2023-12-28_13-43-19-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150645/ADAUSD_2023-12-28_13-43-19.png 1813w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source – <a href="https://www.tradingview.com/x/JiTY4w5M/" rel="noopener noreferrer nofollow">Tradingview</a>
In the weekly chart, the ADA price shows a growing number of bullish candles and accounts for 163% within 12 weeks. The bounce back from the crucial support at $0.25, Cardano price approaches the 38.20% Fibonacci retracement level at $0.70.&nbsp;
With the recent breakout of the $0.60 supply zone and a retest with the Doji candle, the altcoin is on a post-retest run. Further, the weekly bullish candle in the making undermines the higher price rejection in the past two candles.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="465" src="https://image.coinpedia.org/wp-content/uploads/2023/12/28150702/ADAUSD_2023-12-28_13-42-50-1024x465.png" alt="" class="wp-image-256998" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/28150702/ADAUSD_2023-12-28_13-42-50-1024x465.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150702/ADAUSD_2023-12-28_13-42-50-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150702/ADAUSD_2023-12-28_13-42-50-768x349.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150702/ADAUSD_2023-12-28_13-42-50-1536x698.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150702/ADAUSD_2023-12-28_13-42-50-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/28150702/ADAUSD_2023-12-28_13-42-50.png 1814w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source: <a href="https://www.tradingview.com/x/kpw5EbeU/" rel="noopener noreferrer nofollow">Tradingview</a>
Further, in the daily chart, the growing bullish momentum teases a rounding reversal with a neckline at $0.687. The neckline coincides with the trend-based Fibonacci level of 38.20% and teases a breakout trend.&nbsp;&nbsp;
Currently trading at $0.648, the ADA price shows an intraday growth of 2.21% while taking resistance from the neckline. However, the daily candle shows higher price rejection and warns of a bullish failure.&nbsp;
If the bullish trend in Cardano sustains and the ADA price exceeds the $0.70 mark, then a breakout rally to $1 is possible. However, a slide under $0.60 is possible if the reversal trend gains momentum after facing rejection from the $0.70 mark.
Technical indicators:
EMA: The 50 and 200 EMA in the weekly chart marks a positive turnaround with the ongoing recovery in ADA price. This increases the possibility of a golden crossover, which will certify trend reversal in a more prominent timeframe.&nbsp;
MACD: The daily MACD and signal lines prepare for a bullish crossover with the recent bounceback in Cardano. Further, the declining phase of negative histograms supports the possibility of a crossover in the MACD indicator. In case of a crossover, the MACD indicator will support the trend reversal possibility.&nbsp;&nbsp;

ADA Price Analysis Teases A Potential Breakout Rally To Cross $1!

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