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Cardano Ecosystem

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05/11/2023

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Analysing Cardano’s Present Situation and the Next Upcoming Targets with Expected Movements!

cardanoThe crypto market sentiments have turned largely bearish as the recent push resulted to be a short-term bounce, trapping the bulls. Cardano’s price has raised beyond $0.37 for a while, which stands...

Analysing Cardano’s Present Situation and the Next Upcoming Targets with Expected Movements!
cardano
cardano

The crypto market sentiments have turned largely bearish as the recent push resulted to be a short-term bounce, trapping the bulls. Cardano’s price has raised beyond $0.37 for a while, which stands rejected at the moment and plunged below $0.36. Although the trend continues to remain bearish, in a wider perspective ADA price flashes bullish signals. 

Considering the ‘In-Out Money’ data which determines the average cost at which the token was purchased, it appears that the ADA price may find it extremely difficult to trigger a breakout. 

Nearly 215,000 addresses have acquired ADA within the range between the range $0.35 to $0.37 which has created a strong resistance level. The ADA price is currently trading at $0.36, presently, Despite the current descending trend, a lot of factors may contribute towards the recovery of the token. 

Besides, The ADA price is trading within the bullish range by reaching a potential reversal zone (PRZ). 

Source: Tradigview

The ADA price is trading along the support levels within the falling wedge pattern and approaching the bottom of the wedge area. Besides, a divergence in the MACD levels can be expected in the near time which may assist the price to break out of the pattern and rise finely. With a breakout, the chances of rising beyond $0.4 to reach $0.45 emerges while a breakdown may trigger a fine bearish wave, invalidating the bullish thesis.

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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