Convergence

Cardano

altFINS

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<p>As the weekly candle closes, Cardano (ADA) has managed to defend its most critical support zone, providing a glimmer of hope for investors.</p>
<p>According to analyst <a href="https://twitter.com/TrendRidersTR/status/1779659345149464623" target="_blank" rel="noopener noreferrer nofollow">Trend Rider</a>, despite the presence of a red “x” above the candle, which is often considered a bearish signal, the cryptocurrency’s ability to hold its ground suggests that it may be poised for a potential rebound. Traders and analysts are now closely monitoring the weekly timeframe for bounce signals that could indicate a reversal in ADA’s recent downtrend.</p>
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<h2 class="wp-block-heading" id="technical-analysis">Technical Analysis</h2>
<p>A recent technical analysis by altFINS, conducted on April 13, provides valuable insights into the current state of Cardano’s price action and potential trading opportunities.</p>
<h3 class="wp-block-heading" id="trade-setup">Trade Setup</h3>
<p>Cardano’s price trends are currently mixed, following a bearish breakout from a Descending Triangle pattern and a dip below the $0.57 support level. The cryptocurrency found support at the $0.46 horizontal level, which coincides with the 200-day moving average around $0.50.</p>
<p>This support zone could prove to be robust and present a potential swing trade entry for investors, with a possible 15-20% upside back to the $0.57 level. A stop-loss (SL) level has been set at $0.55, and traders are advised to set a price alert to monitor the situation closely.</p>
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<h3 class="wp-block-heading" id="pattern-and-trend">Pattern and Trend</h3>
<p>Cardano is currently trading within a Descending Triangle pattern, which typically indicates that a breakout will occur in the direction of the existing trend. The short-term and medium-term trends are currently in a downtrend, while the long-term trend remains in an uptrend.</p>
<p>The momentum indicators for Cardano are currently bearish, with the MACD (Moving Average Convergence Divergence) line trading below the MACD signal line and the RSI (Relative Strength Index) below 45.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-1024x573.png" alt="" class="wp-image-475283" srcset="https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-2048x1146.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-749-788x440.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p>
<h3 class="wp-block-heading" id="support-and-resistance-levels">Support and Resistance Levels</h3>
<p>The nearest support zone for Cardano is located at $0.46, followed by $0.35. On the upside, the nearest resistance zone is situated at $0.57, which previously acted as a support level. If the price manages to break above this level, the next resistance zones can be found at $0.65 – $0.68 and $0.80.</p>
<p>As Cardano continues to defend its critical support zone, investors and traders are cautiously optimistic about the cryptocurrency’s prospects. While the presence of a red “x” above the weekly candle is a cause for concern, the fact that <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="ADA" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">ADA</a> has managed to hold above the crucial support levels suggests that it may have the resilience needed to stage a comeback.</p>
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<p>The post <a href="https://captainaltcoin.com/cardano-ada-defends-critical-support-zone-analyst-awaits-bounce-signals/" rel="noopener noreferrer nofollow">Cardano (ADA) Defends Critical Support Zone, Analyst Awaits Bounce Signals</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Cardano (ADA) Defends Critical Support Zone, Analyst Awaits Bounce Signals

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