Price Analysis

Cardano Price to Remain Outrageous, Top Reasons Why ADA May Reach $0.5 in Next 10 Days

Author: Sahana Vibhute

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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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Story Highlights
  • Cardano price has gained significant momentum and has been raising heavily since the past few days, signalling a revival of the bullish trend

  • The bulls appear to be poised to uplift the price beyond the bearish captivity, but the possibility of a descending trend may not be completely eliminated

Crypto markets go green within the beginning of the fresh weekly trade as Bitcoin price successfully sustains above $17,000 for more than 24 hours. Cardano’s price also received a significant bullish push that assisted the price to rebound from the lower bottom and raised beyond $0.34 since the beginning of 2023. It appears that the bulls again entered the ring as the trading volume soared more than 100% in just a couple of hours. 

With the massive upswing, the ADA price remained in the spotlight as it breached several short-term indicators and previous resistance zones. Trading currently at around $0.315 after rebounding finely from the bottom at around $0.24. The bulls managed to break above the 8-day EMA and 21 -day EMA, indicating the revival of the bullish trend as they have collected several liquidity barriers. 

Trading View

The price due to the market crash in the last few days of 2022, plunged below the support levels of the descending parallel channel. The token hovered below the channel for a short time frame as the recent bullish push raise the levels back above the channel.

However, the price is witnessing significant bearish pressure at the moment with an intention of lowering the price levels below $0.3. However, the bulls appear to be pre-determined as the price levels are held tightly above $0.31. 

If Cardano successfully maintains the day’s close above $0.3 and the weekly close above $0.35, then the path toward $0.5 may be validated. The price may maintain a notable upswing regardless of the bearish interference which is expected at frequent intervals.

The bulls after a certain period may get exhausted and allow the bears to jump in. This may slightly impact the progress of the rally aiming for a price slash towards the 21-day MA level at $0.26. 

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Sahana Vibhute

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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