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11/16/2023

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Is Cardano Ready for a Correction: Here are the Next Targets for the ADA Price!

The Cardano price has been rising for over a month and after reaching a pivotal resistance, it is facing strong bearish actions. With the bearish clouds hovering over the ADA price, the fear of a fresh rejection haunts the rally and may cause a major drop

Is Cardano Ready for a Correction: Here are the Next Targets for the ADA Price!
ada

The crypto markets have begun to consolidate as fresh bearish actions appear to have halted the progress of the rally to a large extent. After accumulating enough gains in the past few days, the selling pressure has mounted over the Cardano price. This could further lead to rejection, as the bears are all set to drag the prices below the pivotal support levels.

The ADA price has been developing major and sometimes minor resistance points. Whenever the crypto hits a new resistance level, the chances for a retrace develop, which may even lead to a full correction. The price reached a minor higher low recently that immediately turned into a massive bullish impulse. Since then, the Cardano price has been moving straight up, which includes some bearish actions.

After testing the crucial resistance, the ADA is preparing for a pullback. Will the crypto test the lower support?

Presently, significant selling pressure has piled up, which may not be a good signal for the ADA price rally. The token that broke the falling wedge and rose high is closer to breaking down from the rising parallel channel too. However, if the prices continue to have a bullish bias, bullish trend, and bullish signals, one can expect the token to remain elevated. 

Therefore, as long as ADA/USDT trades above $0.368, which is EMA 10, the chances of a follow-through are pretty high. Besides, if the prices drop and head close to the EMA 50 at $0.31, the bullish bias may weaken. Therefore, the Cardano (ADA) price is set to continue higher but the market in the short short-term is expected to carry both the possibility of a bullish and bearish possibility. 

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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