\nCardano Price Prediction: The ongoing recovery in ADA price may surge by another 4%, but there\u2019s a catch\t\t\t\t<\/p>\n
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Cardano Price Prediction: In the last two weeks, the Cardano price has seen a significant recovery<\/a>, fueled by a \u2018Double Bottom\u2019 pattern and a general uptrend in the broader crypto market. The coin has surged 23.38% from a monthly low of $0.24 to a current trading price of $0.296. However, can buyers maintain the upward amid the current market volatility?<\/span><\/p>\n <\/p>\n Also Read: ADA\u2019s Bullish Potential Hinges on $0.40 Breakout for Rally Towards $1<\/a><\/p>\n Over the past week, the Cardano price<\/a> has been struggling to break above the 200-day EMA, currently situated around $0.982. The long-wick rejections on the daily candles emphasize the presence of significant overhead supply, countering buyers\u2019 efforts to propel the asset higher.\u00a0<\/span><\/p>\n If the selling pressure continues, the ADA price may undergo a slight retracement to recuperate the exhausted bullish momentum. According to the Fibonacci Retracement Tool<\/a>, the buyers may find potential support levels stand at $0.284 (23.6% Fib), followed by $0.276 (38.2% Fib) to make a strong comeback.<\/span><\/p>\n<\/blockquote>\n Should the asset hold these levels, the buyers may rechallenge the psychological $0.3 barrier, which is also close to a long-standing resistance trendline. Investors should be cautious at this point, as a failure to break this dual resistance could mark a reversal point for sellers to retake control.<\/span><\/p>\n <\/p>\n While the short-term outlook for the ADA seems bullish, a potential rally to the $0.3 level could face significant selling pressure, due to the confluence with a descending resistance trendline. Historical data indicates that each retest of this level has led to a significant price correction. Hence, any signs of price rejection at this level could trigger a new correction phase for the Cardano coin.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nWill ADA Price Surpass $0.3 Barrier?<\/b><\/h2>\n
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Source- <\/span>Tradingview<\/span><\/p>\n\n
Dual Resistance Gives Correction Threat<\/b><\/h2>\n
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