Why is Cardano Price Up Today?

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 is currently trading at a price of $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. In the past seven days, it has increased by 8.42%, 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.

Cardano Stuck At 50D EMA?

The Cardano price action reveals a falling-wedge breakout rally, failing to surpass the 200-day EMA. The bullish failure leads to a quick drop below the 50-day EMA in early October. 

Source – Tradingview

Since the bullish failure, the lack of momentum keeps the Cardano price under a consolidation range despite the broader market revealing a bullish comeback. Currently, the sideways trend in Cardano extends from the $0.312 support level and the 50-day EMA, acting as the dynamic glass ceiling. 

However, with a 4.69% jump last night, Cardano is making a bullish comeback. The engulfing candle undermines the 3.94% jump a day before and the evening star pattern formed with it. Cardano is currently trading at $0.359 and trying to sustain dominance above the 50-day EMA. 

Technical Indicators:

MACD: Supporting the bullish comeback, the MACD indicator shows a bullish crossover with a new resurgence of bullish histograms. 

EMA: Acting as dynamic resistance, the 50-day and 200-day EMA remain declining.

Will Cardano Price Hit $0.67?

Based on the Fibonacci levels, a bullish comeback must surpass the 23.60% Fibonacci level at $0.421 for a sustained recovery in 2024 and 2025. The Cardano price action reveals two major obstacles: the 50-day and 200-day EMA. 

With the consolidation range breakout rally crossing above the 50-day EMA, the 200-day EMA will remain the major breakout spot. If the Cardano price action surpasses the dynamic average line, a bullish upside to 78.60% Fibonacci level at $0.676 is possible. However, minor resistance is present near the $0.50 psychological mark and at the 50% Fibonacci level of $0.544. 

On the downside, the crucial support of $0.312 close to the $0.30 psychological mark will likely hold the price for the rest of November.

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.