ADA Price Analysis: New Supply Warns Sharp Correction In ADA!
Following the sharp recovery in October, the ADA price shoots past the 200-day EMA and showcases a quick rise of 31% over the last 15 days. However, with a short pullback in the market, Cardano hits a supply...
Following the sharp recovery in October, the ADA price shoots past the 200-day EMA and showcases a quick rise of 31% over the last 15 days. However, with a short pullback in the market, Cardano hits a supply wall, leading to an intraday fall.
Nevertheless, with a 28% year-to-date growth and ongoing recovery rally, the Cardano price predictions tease a bull run in 2023.
Crossing the dynamic resistance of the downtrend EMAs, the ADA price skyrockets to the $0.325 mark. However, despite the sharp recovery, the buyers failed to overcome the excessive supply at the overhead ceiling of $0.325 mark.
Nevertheless, the ongoing recovery managed to reclaim the psychological mark of $0.30 mark with a symmetrical triangle breakout. Moreover, the pullback from $0.325 comes as a retest of the 200-day EMA breakout.
Currently, the ADA price trades at $0.318 with an intraday fall of 1.55%, leading to a bearish candle. Further, the trading volume has been on a decline in the past few days, projecting a weakness in short-term momentum.
Technical indicators:
MACD indicator: The rising trend in the MACD and signal lines continue to move on a positive trajectory with growing histograms.
EMA: The rising 50-day EMA comes closer to the 200-day EMA and increases the golden crossover possibility.
Will ADA Price Reach $0.40?
Despite the short-term pullback and increased supply, the ADA price may soon find fresh momentum to exceed the $0.325 resistance level. Moreover, a market-wide relief can trigger an early bull run in Cardano to surpass overhead resistance.
If the ADA price rises above the $0.325 mark, the breakout rally can reach $0.40 after surpassing $0.35. On the flip side, a sharp reversal from $0.325 can retest the $0.30 mark.
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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