Cardano Price Prediction: With the recent approval of Spot Bitcoin ETF, the eighth largest cryptocurrency Cardano(ADA) showcased sustainability above combined support of $0.46 and 50% Fibonacci retracement level. The renewed buying pressure surged the coin price by 7.3% to current trade at $0.53. This healthy retracement in tandem with the market participants’s anticipation for Cardano ETFs hints at a positive outlook for this altcoin in the near future.

Will ADA Price Prolong Correction Beyond $0.5?

A healthy retracement indicates the ADA price is poised for a strong bounce back.
A consolation of technical support at $0.46 creates solid buyers for coin buyers.
The intraday trading volume in the ADA coin is $376 Million, indicating a 23% gain.
Cardano Price Prediction| TradingView Chart

The Cardano price resilience above the 50% Fibonacci retracement level suggests that the current bullish trend remains robust, with the ongoing correction likely serving as a period for buyers to revitalize their bullish energy. The recent decline in ADA’s value, which saw a 10.3% drop over three days to a trading price of $0.528, appears to be in sync with a broader market downturn, as the Bitcoin price struggles for momentum despite the launch of spot BTC ETFs.

Interestingly, the daily chart reveals that this recent dip has helped Cardano form a well-recognized bullish reversal pattern known as the “Cup-and-Handle.” This pattern, typically emerging at the end of a bearish phase, may be an early indicator of an impending trend shift.

Should this pattern be validated by market players, ADA’s price is expected to climb by approximately 27.5%, aiming to breach the neckline resistance near $0.67. A successful breakout from this resistance level could amplify buying activity and offer an attractive entry point for bullish investors.

The post-breakout rally could bolster buyers to chase potential targets of $0.8, followed by $0.91, and $1.13.

ADA vs BTC Performance

Source: Coingape| Cardano Vs Bitcoin Price

The last three-month projection for Cardano and Bitcoin has been strongly bullish. However, with the current uncertainty in the crypto market surrounding Spot Bitcoin ETF, the ADA coin suffered a notable lower high formation observed in its price. However, the Bitcoin price continues to stand its growth and bullish note with new higher highs and lows.

Average Directional Index: The ADX value at 24% indicates the current correction has managed to recuperate the buyer’s strength.
Exponential moving Average: The coin price trading above the 100-and-200-day EMA indicates the overall trend remains bullish.

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The post Cardano Price Prediction: $ADA Rebounds From Local Bottom to Chase $0.8 High appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am