Deep into the correction phase, the ADA price fails to hold the 883% gain in early 2023 as the pullback crashes the altcoin. With just 6.50% year-to-date growth in 2023, Cardano plans to reclaim the bullish momentum with a reversal from $0.24.
With the reversal giving a breakout entry in Cardano, the chances of altcoin reaching $1 as per Cardano price prediction seems probable.
The buyers are preparing to challenge the long-term downtrend in the ADA price as the double bottom reversal at $0.24. Moreover, the uptrend gives the falling wedge breakout in the daily chart, signaling a bullish rally.
The uptrend in Cardano even crosses the 50-day EMA and accounts for a price jump of 7.82% over the last few days. Currently, the altcoin price trades at $0.262 with an intraday gain of 1.16%.
Following the 50-day EMA breakout, the ADA price shows a higher price rejection, leading to the rest of the $0.25 breakout.
With the rising momentum, the Cardano price may soon continue the uptrend continuation.
DMI indicator: With the ADX line displaying an uptick, the trend momentum is high. Moreover, the DI lines maintain a positive alignment. Therefore, the indicator shows a rising bullish momentum ready to fuel the ADA price rally.
EMA: As the prices surpass the 50-day EMA, an uptrend continuation will increase the likelihood of a golden crossover.
Will ADA Price Bounce Above 50-Day EMA?
With the buyers ready to overtake trend control, the ADA price might sustain above the 50-day EMA. Moreover, the overall improving conditions of the market and the positive ripple effect can drive Cardano prices higher.
In case the ADA price rises above $0.30, the market value can rise as high as $0.356 by the end of this month.
On the flip side, a fall below the $0.25 zone will test the $0.24 base level.
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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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