Logo
Cardano Ecosystem

Investingcube

10/23/2023

·

94 views


Cardano Latest News: ADA Eyes 17% Upside After Breakout

The breakout that I mentioned in my previous Cardano price analysis has finally occurred. ADA price is targeting more upside due to the ongoing bullish wave in cryptocurrencies. The latest breakout in the BTC...

Cardano Latest News: ADA Eyes 17% Upside After Breakout

The breakout that I mentioned in my previous Cardano price analysis has finally occurred. ADA price is targeting more upside due to the ongoing bullish wave in cryptocurrencies. The latest breakout in the BTC price above $30,000 has resurrected many altcoins from their yearly lows.

Analysts believe that approval of the spot Bitcoin ETF is only a matter of time now. Last week’s fake pump has shown what a potential approval of ETF can do to the Bitcoin price. This has resulted in traders stepping over each other to buy the pioneering digital asset before the approval from the SEC.

Consequently, Cardano price is having its fifth green day in a row. Even though the price is still trading within a specific range, the outlook is looking bullish after a recent breakout from the downtrend. However, it may be too soon to call it a proper bullish reversal.

Since ADA is the native asset of the Cardano blockchain, its price action is directly tied to the network adoption. Therefore, the sluggish rate of development has weighed on the ADA price and keeping it low.

However, the recent stats show that the development is picking up, and Cardano has surpassed Ethereum in the weekly development activity.

Cardano Price Prediction

If we analyze the ADA/USD chart on a daily timeframe, we can easily identify a strong demand zone below $0.24. This zone has resulted in another bounce, and the price has now also broken out of the downward trendline. Therefore, a break above the range highs around $0.27 might result in a bigger push toward the $0.30 resistance level.

Cardano technical analysis
ADA/USD Daily Chart

It is also worth mentioning here that the invalidation of this bullish Cardano price prediction will be a breakdown below $0.24. This breakdown may tank the price below $0.10, where lies the next major support level. Another major level is the $0.308 level where the 200 MA is present on the daily chart.

AD

SNEKbot by DexHunter on CARDANO

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


Read Original Article on Investingcube

ORIGINAL SOURCE

https://www.investingcube.com/cardano-la...

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 Investingcube

See more
Cardano Price Prediction: Will ADA Bulls Maintain The Winning Streak?
Investingcube
Cardano Price Prediction: Will ADA Bulls Maintain The Winning Streak?

11/29/2023

·

79 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)