Cardano

Bitcoin

when

April

Rise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-price-poised-for-potential-recovery/" data-wpel-link="internal">Cardano Price Poised for Potential Recovery</a><br></p>
<p style="text-align: justify">Over the past month, Cardano’s <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> has been in a consolidation phase. This stagnation followed a roughly 40% drop at the beginning of April. In the future, a jump in Bitcoin could trigger a recovery rally in altcoins, including ADA coin. Cardano’s price has recently been fluctuating between $0.433 and $0.521. Currently, it seems likely that ADA will continue to trade at lower levels within this range before initiating a recovery rally towards the $0.521 level. However, the transformation of the $0.433 support level into a resistance level could disrupt bullish expectations.</p> 
<h2 style="text-align: justify" id="cardano-price-ready-to-rise">Cardano Price Ready to Rise</h2> 
<p style="text-align: justify">Cardano’s price was affected by a 37% drop in the entire <a href="https://en.coin-turk.com/bitget-introduces-new-security-and-key-management-feature-what-is-the-mpc-wallet/" data-wpel-link="internal">crypto </a><a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> during the April 9-13 period. However, after this sudden drop, selling pressure eased, and ADA began to move within a range between $0.433 and $0.521.</p> 
<p style="text-align: justify">Currently, Cardano’s price is trading at low levels, and <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> are expecting a move below this range to collect sell-side liquidity below levels like $0.433. While this may initially appear as a setback, if the price quickly and steadily rises above $0.433, it could be interpreted as a buying signal.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-350320 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/ada-3.png" alt="" width="1530" height="822"></p> 
<p style="text-align: justify">Scanning the low range is often a tactic used by market makers or smart money to mislead retail investors. This strategy aims to reduce buying pressure by pulling the price below a certain low level.</p> 
<h2 style="text-align: justify" id="ada-coin-must-surpass-this-level-for-recovery">ADA Coin Must Surpass This Level for Recovery</h2> 
<p style="text-align: justify">If Cardano’s price recovers above $0.433, it will likely target a rise to $0.521, indicating a recovery rally that could yield a 20% gain. However, if a rise occurs in the higher range, Cardano might try to retest the daily resistance level at $0.576, indicating a potential gain of 33%.</p> 
<p style="text-align: justify">However, if Cardano’s price falls below $0.433 and fails to rise above this level, it could indicate market weakness. In such a scenario, ADA’s bullish theses would become invalid, and Cardano’s price might settle at the support level of $0.385, approximately 10% away.</p> 
<p>We mentioned the ADA-BTC relationship in the title. As ADA quickly retreated when Bitcoin fell and recovered when BTC rose, this pattern seems likely to continue for a while.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardano-price-poised-for-potential-recovery/" data-wpel-link="internal">Cardano Price Poised for Potential Recovery</a></h5>

Cardano Price Poised for Potential Recovery

Table of Contents

COINTURK NEWS

Άλλα άρθρα που δημοσιεύτηκαν στις 11 Μαΐ 2024

Robert Kiyosaki Beli Ethereum saat Dolar Kian Lesu

Crypto Weekly Report: Analyzing the Week’s Key Events and Market Movements in Blockchain

‘Here we go again’: ARK, 21Shares remove staking feature from Ethereum ETF plans

Bitcoin Price Plunge: Analysts Debate Future

BEFE Coin's Future: A Compelling Case for Long-Term Investment

Ethereum Spot ETFs Approval Delayed Until 2025: Report

Join our free newsletter for daily crypto updates!