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">
 <figcaption class="wp-caption-text">
 Cardano Price Analysis| Tradingview
 </figcaption>
</figure> 
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%

Mục lục

Coingape News Media

Các bài viết khác được xuất bản trên 3 thg 5, 2024

ACP-77: Easier Gaming Subnets on Avalanche

Will Bitcoin Prices Continue to Rise?

Market Movers Today: Apple, Amgen, Expedia, Fortinet

Arthur Hayes Optimistic About Bitcoin’s Future, Anticipates Recovery from Recent Dip

Bitcoin ETF Launch Appears to Mirror BTC Price Trends, Analysis Reveals

Two Key Indicators Signal Potential Upsurge for Bitcoin (BTC): Is a New Wave on the Horizon?

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!