Cardano Price Rally: ADA Targets $0.50 Breakout
Reclaiming the spot of 10th biggest cryptocurrency in the world, Cardano hits a market cap of $12.56 billion. The achievement comes with a 5.24% jump in the past 24 hours, as Cardano’s (ADA) price currently...
Reclaiming the spot of 10th biggest cryptocurrency in the world, Cardano hits a market cap of $12.56 billion. The achievement comes with a 5.24% jump in the past 24 hours, as Cardano’s (ADA) price currently trades at $0.3591.
Despite a slowdown in the top cryptocurrencies, as Bitcoin drops 0.12% and Ethereum by 0.40%, Cardano is making a bullish comeback. It has increased by 8.42% in the past seven days, teasing a high possibility of a consolidation breakout rally. Will this bullish attempt surpass the dynamic resistance of the 200-day EMA? Read this analysis for specifics.
In the daily chart, the Cardano price action reveals four consecutive bullish candles. The bullish spree accounts for nearly a 35% surge. The sudden surge in bullish momentum comes with the crypto market recovery amid Donald Trump’s win as the 47th U.S. President.
The falling channel breakout rally in ADA price finally gained momentum after a slump witnessed in October. The recovery run exceeds the 50-day and 200-day simple moving average lines and is challenging the 38.20% Fibonacci level at $0.442.
Currently, the Cardano price is trading at $0.434 with an intraday gain of 6.60%. The sudden recovery in ADA price comes with a double-bottom reversal with a neckline breakout at $0.35.
The breakout of the 23.60% Fibonacci level at $0.387 reveals a medium-term change in character. However, the 38.20% Fibonacci breakout will prolong the high-momentum recovery rally.
Technical Indicators:
MACD: The massive surge in buying pressure results in a positive crossover between the MACD and Signal line, with the positive histogram skyrocketing.
SMA: With the sudden change of character, the 50-day SMA line witnesses an uptick and teases a potential golden crossover with the 200-day SMA line.
Will Cardano Price Hit $0.638?
Based on the price action analysis, the Cardano price trend shows potential to reach the starting point of the falling channel pattern. Cardano’s price target is at 78.60% Fibonacci level at $0.638. Hence, the price action analysis reveals a massive upside of 45% in the coming weeks.
Conversely, the crucial support levels for Cardano (ADA) price are present at $0.387 and $0.358. On a side note, the ADA price is likely to witness minor profit bookings near the $0.50 psychological mark, which is close to the 50% Fibonacci level.
With the increasing bullish expectations, will Cardano reach the $1 mark in 2024? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates.
FAQs
What is driving Cardano’s recent price surge?
A falling channel breakout, market recovery, and bullish technical indicators like MACD and SMA crossovers fuel Cardano’s price surge.
What are the key resistance levels for ADA?
ADA challenges the 38.20% Fibonacci level at $0.442 and aims for $0.638 (78.60% Fibonacci level).
What support levels should ADA holders watch?
Key support levels include $0.387 and $0.358, crucial for maintaining the bullish momentum.
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