Cardano

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<img width="1200" height="551" src="https://coingape.com/wp-content/uploads/2024/01/XbOt98sb-e1705696300606.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: <a href="https://coingape.com/top-analyst-predicts-cardano-price-to-climb-7-in-next-bull-run/">Cardano (ADA)</a> has been experiencing a corrective phase for the past three weeks, largely influenced by the broader market’s uncertainty, especially around the Bitcoin ETF launch. From a recent high of $0.677, the ADA price has fallen by approximately 30%, currently trading around $0.497. Despite this downturn, there is a silver lining: the formation of a Bullish Reversal Pattern Token. This suggests a potential opportunity for buyers to re-ignite the coin’s recovery trend. 
<h2 id="b-cardano-price-wavers-at-key-reversal-point-b">Cardano Price Wavers At Key Reversal Point</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A cup and handle pattern leads the current recovery trend</li> 
 <li style="font-weight: 400;" aria-level="1">The confluence of technical support strengths the support regions at $0.46</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the ADA coin is $829 Million, indicating a 1.4% gain</li> 
</ul> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/x/XbOt98sb.png" alt="TradingView Chart">Over the last seven months, the <a href="https://coingape.com/price/cardano/">Cardano price</a> movement has been largely stagnant, struggling to consistently stay above the $0.7 threshold. This prolonged sideways trend has gradually morphed into a bullish ‘cup and handle’ pattern. 
This pattern is often seen as a precursor to the bottoming out of an asset’s price, followed by a sustainable recovery. Currently, ADA is in the process of forming the ‘handle,’ a minor correction phase that typically gathers bullish momentum for a breakout above key resistance levels.&nbsp; 
<blockquote>
 With increasing buying pressure near the $0.46 support level, there is potential for a 35% rise in ADA’s price, challenging the neckline resistance at $0.677.&nbsp;
</blockquote> 
A decisive breakout above this level could be an early indicator of a reversal, possibly driving the price up by another 66% to a target of $1.135. 
<h2 id="b-is-ada-price-at-risk-for-another-correction-b">Is ADA Price At Risk for Another Correction?</h2> 
The Daily Time Frame Chart for ADA shows a long-tail rejection candle at the $0.46 support level, indicating continued buyer interest during price dips. This support level, reinforced by the 50% Fibonacci retracement level and the 100-day Exponential Moving Average (EMA), forms a strong demand zone, laying the groundwork for a bullish reversal. However, if buyers fail to maintain this critical area, it could signify stronger selling pressure, leading to a potential extended decline and invalidating the bullish pattern. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: the coin price trading above 100-and-200 EMA reflects the overall trend is still bullish.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and signal line drop below this midline reflect the sellers are currently the key driving force of this asset’s price movement.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/blog/cardano-vs-xrp/">Cardano vs XRP: Which Coin Is Worth Investing In 2024 ?</a></li> 
 <li><a href="https://coingape.com/markets/cardano-price-prediction-as-whale-activity-surges-to-13-billion-will-ada-rebound/">Cardano Price Prediction as Whale Activity Surges to $13 Billion; Will ADA Rebound?</a></li> 
 <li><a href="https://coingape.com/markets/crypto-price-prediction-today-january-19-sol-mana-tia/">Crypto Price Prediction For January 19: SOL, MANA, TIA</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/cardano-price-prediction-key-support-bulls-defend-to-stay-bullish/">Cardano Price Prediction: Key Support Bulls Must Defend to Stay Bullish</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Prediction: Key Support Bulls Must Defend to Stay Bullish

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