The post Is The $0.5000 Mark Within Reach? appeared on BitcoinEthereumNews.com.

ADA rose over 18% this week. It seems to be on the right track although it paused at the 50-Dat EMA barrier. Fortunately for Cardano, its holders might be looking to accumulate, which may turn out to be the critical factor in the revival ahead. Since March 2024, ADA experienced a significant correction, trading in a downtrend. It reverted to the supply region of $0.8000 and fell over 45% over the last three months. Amidst the lower lows formation, ADA found support around its vital pivot of $0.3500 and displayed a revival last week. Buyers are expected to expand the surge. At press time, Cardano traded at $0.4061 with an intraday drop of 1.36%, reflecting neutrality on the chart. It has a monthly return ratio of -9.30% and 36.20% yearly, reflecting a short-term consolidation. The pair of ADA/BTC is at 0.00000674 BTC, while the market cap is $15.03 Billion. Analysts are neutral and suggest that ADA may break out of a falling wedge and rise sharply. Cardano Retained Strength: Could it Outperform Ahead? In the past few trading sessions, Cardano (ADA) had gained traction and recovered the gains sharply. Moreover, it is likely to retest the primary hurdle of $0.5000 in the next few sessions. If bulls continue with the same momentum, a breakout would be imminent and the coin would pull back to $0.4600 followed by $0.5000. Conversely, if bears secure the 50 day EMA mark, ADA might face rejection and flip to $0.3800. Source: ADA Price Volume Chart By Santiment Notably, the price recovery was done with a volume surge of over 59% this week, suggesting that a rise is on the horizon. Sharp Surge in Weighted Sentiment Data: What Does it Mean? Its weighted sentiment data displayed a massive spike of over 120% and soared to the…

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Filed under: News - @ July 3, 2024 9:12 pm