Cardano

Rally

2024

Bitcoin

Cardano Price Analysis: <a href="https://coingape.com/cardano-whale-transactions-explode-hinting-at-ada-price-reversal-in-short-term/">ADA</a>, the native cryptocurrency of the Cardano ecosystem has stalled its correction trend at the support of $0.428. The demand pressure at this floor is evidenced by the multiple lower-price rejection candles in the daily chart observed within three weeks. Will Bitcoin price attempt to regain $60000, bolster ADA price to offer a sustainable bottom above $0.4, and return to the recovery trend? 
Also Read: <a href="https://coingape.com/markets/cardano-outperforms-whale-activity-means-ada-price/">Cardano Outperforms in Whale Activity — What This Means for ADA Price</a> 
<h2 id="b-is-ada-ready-to-break-the-0-5-barrier-b">Is $ADA Ready to Break the $0.5 Barrier?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/w/wW5qfeB0.png" alt="BINANCE:ADAUSDT Chart " width="1815" height="792">
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 Cardano Price Analysis| Tradingview
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The short-term outlook for the <a href="https://coingape.com/price/cardano/">Cardano price</a> remains bearish, as indicated by a descending trendline on the daily chart. This dynamic resistance has significantly impacted the altcoin, driving its value down from $0.81 to $0.39, marking a substantial 50% decline 
However, the ADA price witnessed a surge in demand pressure above $0.4 preventing the asset from further correction. Along with the <a href="https://coingape.com/bitcoin-etf-outflows-rebound-to-34m-as-arkb-buys-the-dip/">Bitcoin</a> price reversal from $56500, the ADA price reverted from 9% to reach the current trading price of $0.456. 
The upswing tends to breach the overhead trendline signalling an early change in market dynamic from selling on rallies to buying on dips. 
Moreover, in a recent tweet by noted cryptocurrency trader alicharts, a potentially bullish development for Cardano (ADA) was discussed. Utilizing the TD Sequential indicator, which is respected for its ability to identify turning points in price trends, alicharts pointed out a buy signal on the ADA daily chart. This indicator suggests a possible end to the recent corrective phase of ADA, indicating a rebound in price could occur within the next one to four days. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The TD Sequential, which timed the <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> top, now presents a buy signal on the <a href="https://twitter.com/hashtag/ADA?src=hash&amp;ref_src=twsrc%5Etfw">#ADA</a> daily chart. It anticipates a one to four daily candlesticks rebound that could put an end to the <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> corrective phase. <a href="https://t.co/QRmYJVfk2b">pic.twitter.com/QRmYJVfk2b</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1786084885968388281?ref_src=twsrc%5Etfw">May 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Thus, a daily candle closing above the overhead trendline will bolster the recovery theory and allow buyers to challenge the $0.52 barrier.&nbsp; 
A potential breakout from this last swing high ($0.52) will change the Dow theory of downtrend projecting an initial sign of trend reversal. With sustained buying, the Cardano coin may chase a potential target of $0.62, followed by $0.81. 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The higher low formation in the daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope accentuates the rising bullish momentum for ADA price around the $0.4 level, increasing the pontential of a bullish reversal.</li> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The narrow range of the Bollinger band indicator highlights an increase in market uncertainty or potential consolidation before the next directional move.</li> 
</ul> 
The post <a href="https://coingape.com/markets/cardano-price-analysis-bottom-at-0-4-sees-ada-rally-15/">Cardano Price Analysis: Bottom Formation at $0.4 Sees $ADA to Rally 15%</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Analysis: Bottom Formation at $0.4 Sees $ADA to Rally 15%

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