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CARDANO PRICE ANALYSIS CMP-$0.3800: "ADA Price Forecast: $0.5 within Reach as Cardano Gains Traction"

Key Takeaways
  • ADA has formed a double bottom pattern, which suggests a possible bullish trend
  • A reversal in the channel pattern has restored bullish momentum in the price of ADA
  • ADA rebounded off the uptrend line, indicating that the ascending triangle pattern is still in place
30 May 2023 By: Lokesh Gupta

During the last three weeks, Cardano's price has shown 

stability, maintaining a consistent level above the support trendline of the channel pattern.

Throughout this period, investors and traders have actively accumulated assets at this dynamic support level. This increased accumulation has led to a positive change in market sentiment, evident in the bullish reversal witnessed on the daily chart.

Cardano's value is surging beyond $0.380 against the US Dollar, following a similar trajectory as Bitcoin. If the $0.385 resistance level is convincingly surpassed, ADA's price might experience a significant rally. This week, Cardano's value initiated a consistent uptrend, surpassing the $0.362 resistance area against the US Dollar. The ADA/USD pair exhibited momentum, breaching the $0.370 and $0.375 thresholds.

In addition, the 4-hour chart revealed a breakthrough of a significant bearish trend line with resistance around $0.3700. The bulls managed to drive the price above the $0.380 resistance level. However, as the price approached $0.385, the bears emerged, leading to a high point near $0.3863, followed by a corrective decline.

Cardano experienced a minor drop below $0.382, briefly dipping below the 23.6% Fibonacci retracement level of the upward movement from the $0.3535 swing low to the $0.3863 high. Despite this, ADA's price remains above $0.370 and the 100-hourly simple moving average, indicating positive indications above the $0.380 level.

The immediate resistance around the $0.3850 level, followed by a significant resistance near the $0.3880 zone. If there is a decisive breakthrough above the $0.3880 resistance, it could potentially trigger a robust upward movement towards the $0.400 mark. Further upward momentum beyond $0.400 might propel the price towards the resistance levels at $0.420 or potentially even $0.432.

In the event that ADA fails to surpass the resistance levels at $0.385, there is a possibility of a renewed downtrend. It is expected that the immediate support on the downside will be near the $0.3760 level. Following this, the next notable support level is situated around $0.368, which aligns with the 50% Fibonacci retracement level of the recent price movement, ranging from the swing low of $0.3535 to the high of $0.3863. If the price breaks below the $0.368 level, it could potentially trigger a fresh decline towards $0.354.

Price Analysis predicts that the market capitalization of this ADA will be $13,279,967,145. The 24-hour trading volume of the coin is around $171,044,381.


RESISTANCE LEVEL : $0.3900-$0.4000

SUPPORT LEVEL : $0.3700-$0.3550

"Could the ongoing recovery phase of $ADA have the potential to reach $0.5? Additionally, if such an increase is probable, would it be a favourable moment to contemplate investment? We value your valuable insights and opinions, which can be shared in the comments section below."

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.