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10/27/2023

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Cardano Price Prediction As Next Leap May Push Recovery to $0.3 - ELEVENEWS

Cardano Price Prediction: While many cryptocurrencies have been part of the recent recovery rally, the ADA coin entered the game a bit later but has quickly made up for lost time. Starting from a solid...

Cardano Price Prediction As Next Leap May Push Recovery to $0.3 - ELEVENEWS

Cardano Price Prediction: While many cryptocurrencies have been part of the recent recovery rally, the ADA coin entered the game a bit later but has quickly made up for lost time. Starting from a solid support level of $0.24, the asset has surged by approximately 20%, currently trading at $0.286. Notably, this uptick also marked the completion of a bullish double-bottom pattern, suggesting the potential for further gains.

Also Read: ADA’s Bullish Potential Hinges on $0.40 Breakout for Rally Towards $1

Double Bottom Pattern Hints Further Rally.

  • Overhead supply hints the ADA price could see a minor pullback before the next leap
  • The $0.3 level aligned with a long-coming resistance hints at a high supply zone for traders.
  • The intraday trading volume in the Caradno coin is $207 Million, indicating a 30% loss

Source- Tradingview

On October 23rd, the Cardano price broke through the neckline resistance of the Double bottom pattern, signaling early indications of a sustainable recovery and infusing the market with bullish momentum.

Although the asset rallied to a high of $0.294 post-breakout, it couldn’t sustain these levels, likely due to the influence of the leading cryptocurrency Bitcoin struggling to break the $35,000 barrier. Consequently, the ADA price has seen multiple rejections candle around the $0.295 mark, hinting at an upcoming retracement.

This anticipated pullback could find support around the $0.28 level, followed by $0.268. Should the price stabilize above these points, it would provide a strong base for the next upward movement.

Will ADA Price Hit $0.3?

After the substantial gains over the past two weeks, a minor retracement is not only expected but healthy for sustaining longer-term bullish momentum. If the ADA price maintains levels above $0.28 or even $0.265, it would be well-positioned to complete the Double Bottom pattern, targeting the $0.3 mark—a potential gain of approximately 6% from current levels.

  • Bollinger Band: An uptick in the upper band of the Bollinger Band indicator shows that buying pressure remains strong.
  • Vortex Indicator: The VI+ (blue) line crossing above the VI- (pink) further affirms the asset’s bullish posture.

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ORIGINAL SOURCE

https://elevenews.com/2023/10/27/cardano...

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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