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CARDANO PRICE ANALYSIS CMP-$0.2830: Cardano's Recent Dip: Opportunity or Risk for Investors?

Key Takeaways
  • ADA is trading below the trendline of its ascending channel pattern
  • On the hourly chart, the price of ADA is currently increasing as it finds support from the ascending trendline
13-Jun-2023 By: Lokesh Gupta
CARDANO PRICE ANALYS

Cardano's value is on the rise, surpassing $0.250 in its recovery against the US Dollar, mirroring Bitcoin's upward trend. ADA's price may experience a bullish surge if it successfully breaks through the resistance at $0.278.

The bears exerted significant pressure on the price, causing it to drop below $0.25. Eventually, a low point was reached around $0.220, and currently, the price is undergoing a corrective phase to recover from its losses. In recent developments, the price managed to surpass the resistance levels at $0.245 and $0.250.

Moreover, it successfully climbed above the 23.6% Fibonacci retracement level, which is based on the downward movement from the swing high at $0.3820 to the low point at $0.2200. Presently, the ADA price is trading below both the $0.310 mark and the 200-hourly simple moving average.

Looking at the upside, there is a nearby resistance zone around $0.290 that needs to be overcome. The subsequent significant resistance level is approximately $0.300, which coincides with the 50% Fibonacci retracement level of the downward movement from the swing high at $0.3820 to the low at $0.2200. If the price successfully breaks above the $0.300 resistance, it could potentially initiate a substantial upward movement. In such a scenario, there is a possibility for the price to rally towards the resistance at $0.350.


If ADA fails to surpass the $0.300 resistance, it would encounter immediate support around the $0.2720 level. Another immediate support level is found near $0.260. The subsequent significant support level is around $0.250. If the price convincingly falls below the $0.250 level, it could potentially decline further towards the $0.220 level. Extended losses may even lead the price towards the $0.212 support. If the bears continue to exert pressure, they could aim for a test of the $0.200 level.

Price Analysis predicts that the market capitalization of this ADA will be $9,888,658,407. The 24-hour trading volume of the coin is around $1,106,602,187.

KEY LEVELS :

RESISTANCE LEVEL : $0.2900-$0.3000

SUPPORT LEVEL : $0.2700-$0.2600

Amidst selling pressure, there was observed a notable increase in buying activity during market dips. Despite the ongoing concerns surrounding SEC lawsuits, it is crucial to recognize the possibility of a bullish recovery near the support level. We invite you to share your perspectives and opinions on this matter by leaving your comments in the 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.

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