Cardano

Bitcoin ETF

Bitcoin

Spot

<img width="1200" height="551" src="https://coingape.com/wp-content/uploads/2024/01/QVwbdWjt-e1705333895531.png" class="attachment-full size-full wp-post-image" alt="Cardano Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Cardano Price Prediction: With the recent approval of <a href="https://coingape.com/michael-saylor-delivers-crucial-warning-to-bitcoin-community/">Spot Bitcoin ETF</a>, the eighth largest cryptocurrency Cardano(ADA) showcased sustainability above combined support of $0.46 and 50% Fibonacci retracement level. The renewed buying pressure surged the coin price by 7.3% to current trade at $0.53. This healthy retracement in tandem with the market participants’s anticipation for <a href="https://coingape.com/cardano-ada-gains-momentum-as-next-big-etf-candidate/">Cardano ETFs</a> hints at a positive outlook for this altcoin in the near future. 
<h2 id="b-will-ada-price-prolong-correction-beyond-0-5-b">Will ADA Price Prolong Correction Beyond $0.5?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A healthy retracement indicates the ADA price is poised for a strong bounce back.</li> 
 <li style="font-weight: 400;" aria-level="1">A consolation of technical support at $0.46 creates solid buyers for coin buyers.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the ADA coin is $376 Million, indicating a 23% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/q/QVwbdWjt.png" alt="Cardano Price Prediction" width="1946" height="893">
 <figcaption class="wp-caption-text">
 Cardano Price Prediction| TradingView Chart
 </figcaption>
</figure> 
The <a href="https://coingape.com/price/cardano/">Cardano price</a> resilience above the 50% Fibonacci retracement level suggests that the current bullish trend remains robust, with the ongoing correction likely serving as a period for buyers to revitalize their bullish energy. The recent decline in ADA’s value, which saw a 10.3% drop over three days to a trading price of $0.528, appears to be in sync with a broader market downturn, as the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> struggles for momentum despite the launch of spot BTC ETFs. 
<blockquote>
 Interestingly, the daily chart reveals that this recent dip has helped Cardano form a well-recognized bullish reversal pattern known as the “Cup-and-Handle.” This pattern, typically emerging at the end of a bearish phase, may be an early indicator of an impending trend shift.
</blockquote> 
Should this pattern be validated by market players, ADA’s price is expected to climb by approximately 27.5%, aiming to breach the neckline resistance near $0.67. A successful breakout from this resistance level could amplify buying activity and offer an attractive entry point for bullish investors. 
The post-breakout rally could bolster buyers to chase potential targets of $0.8, followed by $0.91, and $1.13. 
<h2 id="b-ada-vs-btc-performance-b">ADA vs BTC Performance</h2> 
<figure id="attachment_174280" aria-describedby="caption-attachment-174280" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-174280 size-full" src="https://coingape.com/wp-content/uploads/2024/01/image_2024-01-15_21-19-41-e1705334117487.png" alt="Cardano Vs Bitcoin Price" width="1200" height="536">
 <figcaption id="caption-attachment-174280" class="wp-caption-text">
 Source: Coingape| Cardano Vs Bitcoin Price
 </figcaption>
</figure> 
The last three-month projection for Cardano and Bitcoin has been strongly bullish. However, with the current uncertainty in the crypto market surrounding Spot Bitcoin ETF, the ADA coin suffered a notable lower high formation observed in its price. However, the Bitcoin price continues to stand its growth and bullish note with new higher highs and lows. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX value at 24% indicates the current correction has managed to recuperate the buyer’s strength.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential moving Average: The coin price trading above the 100-and-200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> indicates the overall trend remains bullish.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/top-analyst-predicts-bitcoin-to-hit-300k-amid-pre-halving-surge/">Top Analyst Predicts Bitcoin To Hit $300K Amid Pre-Halving Surge</a></li> 
 <li><a href="https://coingape.com/bitcoin-etf-sparks-debate-between-legitimacy-and-investment-purism/">Bitcoin ETF Sparks Debate Between Legitimacy and Investment Purism</a></li> 
 <li><a href="https://coingape.com/michael-saylor-delivers-crucial-warning-to-bitcoin-community/">Michael Saylor Delivers Crucial Warning Amid Spot Bitcoin ETF Debut</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/cardano-price-prediction-ada-from-local-bottom-to-chase-0-8-high/">Cardano Price Prediction: $ADA Rebounds From Local Bottom to Chase $0.8 High</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Prediction: $ADA Rebounds From Local Bottom to Chase $0.8 High

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