ADA Price Analysis: Will This Breakout Rally Drive ADA To $0.35?
Rising with the overall market sprinting to new heights, the ADA coin price skyrockets to reclaim crucial psychological levels. With a triangle breakout rally, the Cardano price trend is gaining bullish...
Rising with the overall market sprinting to new heights, the ADA coin price skyrockets to reclaim crucial psychological levels. With a triangle breakout rally, the Cardano price trend is gaining bullish momentum as Bitcoin remains strong at $34K.
As the ADA price approaches the 200-day EMA, the Cardano price predictions are teasing a high speed breakout rally.
Concluding the long-term downtrend, the ADA price trend shows a bullish turnaround from the $0.23 mark. The reversal rally aligns with the overall market recovery, delivering massive returns for Cardano holders.
The high speed reversal rally breaks above the overhead resistance trendline and exceeds the 50-day EMA to challenge the 200-day average line. In doing so, the uptrend exceeds the $0.30 mark and reflects a 20% jump.
Currently, the ADA price trades at $0.294 with an intraday rise of 1.73%, showcasing a resurgence in buying pressure. However, the higher price rejection in the recent candles reflects strong opposition at the 200-day EMA and the $0.30 mark.
Technical indicators:
MACD indicator: With the overall progressive trend in Cardano, the MACD and signal lines continue the bullish approach. In addition, the rising bullish histograms reflect a rise in buying pressure.
EMA: The rising 50-day EMA and buyers conflict close to the 200-day EMA increases the golden crossover possibility.
With the rising momentum and improving sentiments, the ADA price may soon skyrocket and exceed the 200-day EMA. Moreover, sustaining a value close to $0.30 reflects high confidence among buyers and increases the breakout chances.
If the ADA price rises above the 200-day EMA, the breakout rally can touch $0.35. On the flip side, a reversal from $0.30 can retest the $0.26.
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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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