🚀🚀🚀 #cardanoprice Surges 8.46%, Targets $0.42 as Bullish Momentum Grows
#Altcoins👀🚀 Rally as Cardano Signals Trend Reversal Amid #CryptoMarketRecovery
Altcoins are experiencing a resurgence as the broader crypto market rebounds from a $2.1 trillion valuation. While many top performers capture attention, Cardano is quietly indicating a potential trend reversal in its daily chart.
Cardano's Falling Channel Breakout
- After a three-day decline from September 14-16, Cardano is making a bullish comeback. The altcoin has gained 8.46% over the past four days, currently trading at $0.359, with an intraday rise of 2.28% from an opening price of $0.352.
- This recovery suggests a potential breakout above multiple resistance levels on the daily chart. Cardano has successfully surpassed the 50-day Simple Moving Average (SMA) and a significant overhead resistance trendline.
Analyzing the Cardano Price Chart
- The breakout from the trendline marks a falling channel breakout, resulting in four consecutive bullish candles. Cardano is now targeting the next dynamic resistance at the 100-day SMA, positioned at $0.373.
Future Price Prospects for Cardano
- The ongoing recovery is reflected in positive momentum indicators, with the MACD and signal line showing a rise in positive histograms. The momentum indicator is also avoiding a negative crossover, suggesting a short-term buying opportunity.
- At the Token 2049 event in Singapore, Cardano founder Charles Hoskinson humorously urged Gemini Exchange to list ADA, holding a sign that read, “When ADA?” This playful appeal has reignited interest in Cardano and could increase the likelihood of an ADA listing on Gemini, potentially boosting its price.
- According to Fibonacci levels, the next key resistance is around $0.422 at the 23.60% level, followed by the 200-day EMA at $0.45. However, reaching the psychological $0.50 mark in a single move seems unlikely, as Cardano may face several challenges along the way.
Source - thecryptobasic.com
