Another Resistance Breakout Sets Cardano Coin Price On 12% Rise; Enter Now?
Published 9 hours ago
A long-coming descending trendline highlighted an established downtrend in Cardano coin price for the past seven months. The several lower high formations at this trendline indicated the traders were actively selling on rallies. However, with the new year recovery in the crypto market, the ADA price gave a massive breakup from the trendline on January 13th. Moreover, this breakout is an early sign that market sentiment is switching from selling on rallies to buying on dips. Here’s how this breakout could influence the ADA coin’s future price.
- A bullish breakout from the $0.38 resistance offers an entry opportunity to traders with near term target of 12℅
- A potential bullish crossover between the 20-and-50-day EMA may provide additional confirmation for a bullish recovery
- The intraday trading volume in the ADA coin is $559.5 Billion, indicating a 16% loss.
With recent consolidation in the crypto market, the Cardano coin price retested the breached trendline to check its validity as a potential support. Anyhow, this minor correction was important for ADA price, as no trend walks in one direction and eventually needs a short break to recuperate prevailing trend momentum.
Furthermore, the post-retest rally has surged the Cardano coin price by 17% in the last four days. By the press time, the coin price trades at $0.3812 and shows a breakout attempt from the local resistance of $0.38.
If the daily candle closes above the $0.3 resistance, the buyers will get a higher footing to prolong the bullish rally. This Breakout will likely surge the altcoin price 12% higher to poke the combined resistance of $0.425 and 200-day EMA.
Also Read: Top 10 DeFi Lending Platforms In 2023
Moreover, in an ideal bullish condition, the higher high formation during this downtrend is a potential target after the trendline breakout.
On a contrary note, if the buyers are as unable to sustain above the $0.3 mark, The coin holders may witness extended consolidation.
Vortex indicator: despite a recent correction, the VI+(Blue) and VI-(Red) slopes maintain a significant distance between them, indicating the underline bullish Momentum is strong.
EMA’s: the 200-day EMA wavering near the $0.42 barrier increases the resistance power of this level.
Cardano Coin Intraday Price Levels
- Spot price: $0.383
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.425 and $0.52
- Support level- $0.38 and $0.33-$0.326
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Read More: Another Resistance Breakout Sets Cardano Coin Price On 12% Rise; Enter Now?
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.