Price Analysis View Non-AMP

Why is Cardano Price Up Today?

Published by
Sohrab Khawas

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. 

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. 

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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