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Cardano Ecosystem

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05/10/2023

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How Long Will Cardano Price Trade Below $0.4? This Could Trigger a Bullish Breakout!

Cardano is regarded as one of the most fundamentally strong platforms in the crypto space. Although the price movements continue to remain sluggish for quite some time, the development activity of the chain...

How Long Will Cardano Price Trade Below $0.4? This Could Trigger a Bullish Breakout!
cardano price analysis

Cardano is regarded as one of the most fundamentally strong platforms in the crypto space. Although the price movements continue to remain sluggish for quite some time, the development activity of the chain continues to remain pretty high. Hence, the ADA community believes the price may eventually rise and sustain itself beyond the crucial resistance. 

Besides, dApp, or decentralized app, transactions over the Cardano chain have spiked pretty high. The latest meme-coin hype, which included SNEK and PEPE, soared the transactions to 250K per epoch from 160K transactions during the previous one. Alongside, the Total Value Locked (TVL) on the chain also rises by 300%. 

Despite this, the price rally remains sluggish and trades around crucial levels. Can the ADA price trigger a bullish breakout? Will the price reach beyond $0.4 amid the current bullish wave?

After breaking the descending trend, the ADA price began to surge along the ascending trend line. The price has rebounded each time it tested the lower support, and hence a similar trend is expected at the moment as it is about to test these levels. However, if the price fails to trigger a rebound, then it may plunge hard to test the lower support below $0.3. 

Interestingly, the ADA price may certainly not follow a steep descending trend as the RSI and ADX, both have displayed a bullish divergence. Therefore, a rebound at the lower trend level appears imminent as the sellers are losing their strength. With a bullish rebound, the Cardano price is believed to rise and reach the crucial resistance at $0.406. Further, if the price sustains above these levels, the bearish influence may fade paving the way for a strong upswing ahead. 

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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