Cardano Price Prediction: Analyst Sounds Alarm Of Break Through Key Resistance, Why A Rally Could Follow

Share This Post

Based on chart indicators, the Cardano price has just broken through a key resistance, sparking the promise of a potential uptrend. While the cryptocurrency is gearing up for a possible bullish rally, a crypto analyst has also shared the downside risks Cardano could experience if it fails to hold crucial support levels

Cardano Price Breaks Falling Wedge Resistance, Signals Uptrend

The Cardano price appears to be on a significantly bullish trajectory, as a crypto analyst on TradingView identified as ‘MyCryptoParadise’ has shared an in-depth analysis of its recent price movements. According to the crypto expert, Cardano had just broken through the descending resistance in its Falling Wedge pattern. 

This move is typically seen as a bullish signal, as the Falling Wedge chart pattern is often associated with positive trend reversals. The Falling Wedge pattern is a unique technical indicator that occurs in an upward trend. It is characterized by two descending trend lines, with one representing highs and the other lows.

The crypto analyst has stated that Cardano’s price is approaching a distinctive level, which he calls a “demand zone.” If it can experience a strong rebound from this point, Cardano could start its anticipated upward trend at this crucial level. 

The demand zone at $0.0313 acts as a vital support level where there’s likely to be buying interest. If Cardano can experience a bounce from this point, the cryptocurrency could rally and break out above the $0.417 resistance level, strengthening the analyst’s bullish scenario while hinting at higher resistance targets. 

The market expert discloses that when Cardano breaks the $0.417 resistance, there could be a notable shift in its present market structure. Notably, Cardano has experienced slow growth and muted market performance over the past few years.

Due to the cryptocurrency’s low price and sluggish momentum, many investors have voiced out frustration previously, with some tagging ADA a dead coin and others alleging that Cardano is a ghost chain. However, recently, Cardano has been on a bullish trajectory, as its price has been experiencing significant gains over the past few weeks.

According to data from CoinmarketCap, the Cardano price is trading at $0.434, marking a 17.29% increase in the past 24 hours and a 27.84% rise over the past week. The cryptocurrency’s daily trading volume is also up by more than 65%, underscoring investors renewed interest and confidence in the altcoin. 

Potential Risks If ADA Fails To Hold Key Support Levels

TheCryptoParadise has revealed on TradingView the downside risks that could occur if Cardano fails to hold the aforementioned critical support levels at around $0.313. The analyst emphasized that if the Cardano price fails to hold above the $0.313 level, it might experience a steep decline toward the critical support zone between $0.274 and $0.290.

The analyst has disclosed that this support zone is an important price floor where buyers could step in to prevent further price decreases. He also highlighted that ADA will need to reclaim the $0.313 support to maintain a bullish outlook. However, if it closes a day below $0.274, it would most likely invalidate this bullish scenario, increasing the risk of further price declines and possibly even setting a new low. 

Cardano price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Shiba Inu Burn Closing Out The Week On A Low Note With 95% Crash, Will SHIB Price Follow?

Meme coin Shiba Inu has seen a renewed surge in its price over the past 24 hours as it aims to breach the $0000020 mark This upward movement reflects some positive sentiment among investors, but a

Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins?

Ethereum has finally surged after breaking through a critical resistance level that had kept the price subdued since early August This move has shifted market sentiment, as many investors and

Hive Digital Reports Slight Rise in Bitcoin Output Amidst Capacity Goals

Bitcoin miner Hive Digital reported modest growth in bitcoin production for October, while advancing its mining capacity and infrastructure Hive Digital Discloses Modest Bitcoin Output Gains

Deutsche central bank joins Singapore’s Project Guardian to advance tokenization, digital funds

The German central bank (Deutsche Bundesbank) has joined Project Guardian, a Singapore-led initiative pushing to reshape global capital markets through asset tokenization The Monetary Authority of

Cardano Aim For 70% Rally, ADA’s Bullish Comeback

The post Cardano Aim For 70% Rally, ADA’s Bullish Comeback appeared first on Coinpedia Fintech News Cardano (ADA) has made a comeback in the market, gaining significant attention from the

TRON’s Memecoin Boom: SunPump, $SUNDOG, and Nexmate.AI Drive Ecosystem Growth

As the memecoin landscape continues to evolve, SunPump has become a crucial platform within the TRON ecosystem, driving engagement and supporting innovative projects As TRON’s premier memecoin