Logo
Cardano Ecosystem

TheCryptoBasic

05/31/2024

·

59 views


Cardano Eyes Rally to $0.60 if This Support Holds

Cardano price dips to $0.4484, falling below moving averages, with potential support at $0.427 and a possible rally to $0.60 should this support hold. The Cardano token has encountered modest bearish pressure...

Cardano Eyes Rally to $0.60 if This Support Holds

Cardano price dips to $0.4484, falling below moving averages, with potential support at $0.427 and a possible rally to $0.60 should this support hold.

The Cardano token has encountered modest bearish pressure over the past few days. After failing to surpass the 50-day moving average at $0.475 on Monday, which acted as a low-level resistance, ADA has exhibited three consecutive days of downward movement.

Cardano ADA
Cardano ADA

Following this failed attempt, ADA broke below the 20-day moving average, currently around $0.462. This recent decline has raised concerns among traders and analysts about sustained dips.

However, should the 20-MA cross above the 50-MA, it could signal a bullish trend reversal and suggest a potential price recovery for ADA in the near future.

ADA Price Action

As of press time, ADA trades for $0.4484, reflecting a 0.48% decline for the day. The intraday market cap has decreased by the same percentage, now standing at $16.01 billion. This places ADA as the ninth largest crypto asset.

Cardano ADA
Cardano Price | CoinMarketCap

This position represents a recovery from earlier in the week when Shiba Inu briefly surpassed ADA’s market cap, relegating it to the 11th position, as reported by The Crypto Basic on Wednesday.

In line with the bearish sentiment, ADA’s 24-hour trading volume has dropped by over 23%, falling to $290.92 million. These market metrics underscore the persistent bearish outlook and the difficulties ADA faces in regaining bullish momentum.

- Advertisement -

Will $0.427 Support Spark a Rally to $0.60?

On the daily chart, the ADA/USD pair is currently trending within the red zone of the regression channel, which signifies a bearish trend. This suggests that ADA’s price will likely continue its downward trajectory in the short term, potentially seeking support at the $0.427 level.

Cardano ADA
Cardano Chart

Should this support fail to hold, the token could further decline towards the $0.40 mark and possibly lower. Conversely, if the $0.427 support level proves strong, ADA could experience a rally.

A successful hold at this level could propel the price towards the 23.6% Fibonacci level at $0.50. Furthermore, breaking above this crucial resistance might signal a robust bullish run, potentially pushing ADA to $0.60. Such a run would mark a 41.57% increase from its current support.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

-Advertisement-

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on TheCryptoBasic

ORIGINAL SOURCE

https://thecryptobasic.com/2024/05/31/ca...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from TheCryptoBasic

See more
Cardano Price, Revenue, Active Addresses, Transactions Rise in Q1 2024: Messari
TheCryptoBasic
Cardano Price, Revenue, Active Addresses, Transactions Rise in Q1 2024: Messari

last Friday at 11:01 AM

·

21 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)