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04/18/2024

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Cardano Bulls Flash a ‘Ray of Hope’, Is ADA Price Preparing for a Rebound to $0.6?

After the recent pullback, Cardano's price is trading within its comfort zone without undergoing large price variations. The token appears to be accumulating strength as the current trade set-up points towards a hidden bullish divergence

Cardano Bulls Flash a ‘Ray of Hope’, Is ADA Price Preparing for a Rebound to $0.6?
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With the beginning of a fresh quarter, the market dynamics appear to have completely shifted away from the bullish range. The markets began to crash at the beginning and the bears have held a notable dominance since then. This has caused the Cardano (ADA) price to drop below the accumulated range, similar to many other cryptos, but the third-generation may find a way to rise. 

The recent market dynamics surrounding the ADA price have indeed been quite notable, as the token is currently positioned in the support area. This area is between $0.434 and $0.463 and has been one of the prominent zones that have been acting as a resistance and support zone depending upon the circumstances. Currently, the ADA price is positioned in this support range, trying hard to validate an escape from the bearish well. 

Source: Tradingview

The long-term trajectory appears to be bullish despite the recent pullback to the lower support zone. Mainly because the ADA bulls managed to hold the rally in this zone and are now trying hard to exhibit a significant upward movement as they did before. Therefore, there is a huge possibility that the ADA price will repeat its previous pattern by bouncing off the support and resuming its upward trajectory, possibly testing the bearish OB area. 

If the Cardano (ADA) price fails to sustain the support or bounce effectively, it could signal a loss of momentum and potentially lead to a breakdown below the support level. This may further result in a continued downtrend movement, possibly towards the bullish OB area. At the bullish OB area, a bounce and a reclamation of the price above the support level would be essential to resume the upward trend. 

If it is successful, the price may have an opportunity to reach the target levels above $0.6; otherwise, an extended downward movement may hold the rally for a long time. 

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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