Cardano

Reversal

The post <a href="https://coinpedia.org/price-analysis/ada-price-reversal-eyes-0-70-breakout-with-hopes-to-cross-1/" rel="noopener noreferrer nofollow">ADA Price Reversal Eyes $0.70 Breakout With Hopes To Cross $1</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the consolidation phase of Cardano finding an increase in bearish influence, the ADA price volatility increases. The recent downfall and the ongoing brawl at the psychological mark of $0.50 will be crucial for the upcoming trend.&nbsp;
Further, the strong buying pressure managing to absorb the supply increase at $.50 supports the double bottom reversal possibility. Therefore, despite the ongoing pullback, our <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" rel="noopener noreferrer nofollow">Cardano price prediction</a> keeps a bullish viewpoint in 2024.&nbsp;
<h2 class="wp-block-heading" id="h-ada-price-teases-bullish-reversal-this-week-nbsp-nbsp">ADA Price Teases Bullish Reversal This Week&nbsp;&nbsp;</h2>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="483" src="https://image.coinpedia.org/wp-content/uploads/2024/01/19150713/image-90-1024x483.png" alt="" class="wp-image-262595" srcset="https://image.coinpedia.org/wp-content/uploads/2024/01/19150713/image-90-1024x483.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/01/19150713/image-90-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/01/19150713/image-90-768x362.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/01/19150713/image-90-1536x725.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/01/19150713/image-90-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/01/19150713/image-90.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source – <a href="https://www.tradingview.com/x/i5mx3Rta/" rel="noopener noreferrer nofollow">Tradingview</a>
In the daily chart, the ADA price shows a slow consolidated decline from the $0.68 peak formation. Further, the downfall accounts for a 25% drop in Cardano’s market cap and tests the $0.50 mark.&nbsp;
The psychological mark of $0.50 aligns with the 38.20% Fibonacci level and warns of a fast-paced fall if the bears fracture the zone. However, the bulls are preparing a comeback with a double bottom reversal.&nbsp;
The recent drop to the support zone came with a 4.92% drop last night, and the ADA price forms an intraday Doji candle today. This projects a potential morning star pattern to kickstart the double bottom reversal.&nbsp;
However, a drop below the support zone can result in a price fall to the 50% Fibonacci level at $0.454. On the upside, the bullish reversal can breach the $0.70 to test the psychological mark of $1.&nbsp;
Technical indicators:
EMA: The downfall breaks the 50-day EMA and warns of a fall to the 200-day EMA at the 61.80% Fibonacci level.&nbsp;
RSI: The daily RSI line shows a bullish divergence in the last two dips at the $0.50 mark. Further, the RSI line trades slightly above the oversold zone and prepares for a bounce back.&nbsp;

ADA Price Reversal Eyes $0.70 Breakout With Hopes To Cross $1

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