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05/31/2023

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Cardano Price Analysis: Is $ADA Price Ready to Reclaim $0.4 Mark? - ELEVENEWS

Cardano Price Analysis: Today, the crypto market experienced increased selling pressure, leading to a downward trend in several major cryptocurrencies. As a result, the Cardano price is down 1.22% and is...

Cardano Price Analysis: Is $ADA Price Ready to Reclaim $0.4 Mark? - ELEVENEWS

Cardano Price Analysis: Today, the crypto market experienced increased selling pressure, leading to a downward trend in several major cryptocurrencies. As a result, the Cardano price is down 1.22% and is approaching the support trendline of the rising channel pattern. Historically, this ascending trendline has acted as an active accumulation zone for traders which usually results in a massive recovery cycle. 

Cardano Price Daily Chart

  • The Cardano coin price maintains an overall bullish trend until the channel pattern is intact
  • A breakdown below the lower trendline will signal the resumption of the prior downtrend
  • The intraday trading volume in the ADA coin is $189.5 Million, indicating an 0.97% gain

Cardano Price AnalysisSource- Tradingview

On May 28th, the ADA price gave a bullish breakout from a local resistance of $0.38 in anticipation of kickstarting a new recovery rally. However, with the increasing selling pressure in the market, the buyers failed to sustain this level and plunged below $0.38 again.

This breakdown plummeted Cardano coin price to $0.37 and is likely to tumble another 2% to hit the ascending trendline. Over the last five months, altcoin has rebounded from this support thrice indicating a strong buying zone.

Thus, the ADA price is likely to bounce off this level and recuperate the bullish momentum. If a potential reversal occurs, the buyers may drive the prices to reach $0.42, followed by $0.46, and $0.5.

Will Cardano Price Tag $0.4 Mark?

A potential bullish reversal from the support trendline will recuperate the bullish momentum in ADA price. In theory, a reversal from a lower trendline bolsters buyers to carry a recovery cycle back to the upper trendline. Thus, the resulting recovery may push the Cardano price to the first target of $0.42.

  • Bollinger band: The bands of the BB indicator squeezed significantly indicate the ADA price is currently in a highly volatile phase.
  • Vortex Indicator: The VI+(blue) and VI-(orange) slope in a bullish crossover state reflect the market trend is bullish.

Source

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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.


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