đ„đ„đ„ Cardano Price Analysis: Can ADA Rally to $1 After Downside?
Cardano ($ADA ) Price Analysis
Current Status
- Cardano (ADA) has dropped 4.5% in the last 24 hours, trading around $0.371. This decline has nullified a previous bullish pattern. If Bitcoin stabilizes, ADA bulls may prevent further losses.
Major Indicators and Short-Term Outlook
- Last week, ADA showed bullish potential with a falling wedge pattern, but Bitcoin's downturn invalidated this breakout, causing ADA to fall to $0.3165. Although ADA recovered by 18% to test $0.37, it now faces resistance at this level.
- Currently, ADA is trading below both the 50-day and 200-day moving averages. The Relative Strength Index (RSI) is at 37, nearing the oversold zone. Further selling could push ADA into oversold territory, increasing price volatility.
- If Cardano withstands the current downturn, it could rally by 43% to $0.62, with key resistance at $0.46, $0.54, and $0.60. Conversely, continued bearish trends might drop ADA by 27% to $0.24, with support levels at $0.336 and $0.28.
- Coinalyze data shows an ADA Aggregated LONG/SHORT ratio of 2.35, with 70% of traders holding long positions. This indicates optimism about ADAâs long-term prospects despite current low prices.
Development and Future Prospects
- The Cardano team is focused on network development, including the upcoming Chang Hardfork, which will enhance governance by granting voting rights to ADA holders. Cardano is also involved in real-world applications, such as the Nairobi Stock Exchange (NSE).
Conclusion
Cardano is currently in a bearish trend but could see a potential rebound if a new support level is established. The ongoing development and upcoming hardfork could provide positive momentum in the future.
Source - coingape.com
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