Cardano Price Prediction, Will Bulls Prevail at Psychological Level

Key Takeaways
  • The Cardano recovery rally faced renewed supply pressure around the $0.676 mark amidst growing uncertainty in the crypto market.
  • Sellers gained strength amid speculation about the potential rejection of Spot Bitcoin ETF approval by the US SEC.
  • Consequently, the ADA price experienced a downturn, retracing to the $0.5 mark as sellers tightened their grip on the market.
06-01-2024 By: Lokesh Gupta
Cardano Price Prediction, Will Bulls Prevail at Psychological Level

Cardano maintains $0.50 support vs. USD, reflecting Bitcoin.

  • According to Coingabbar Price Analysis,On January 3rd, ADA price exhibited a long-tail rejection, signaling buyer accumulation at $0.5, coinciding with the 38.2% Fibonacci retracement level.

  • The daily time frame chart reveals the formation of a cup and handle pattern, indicating potential bullish momentum.

  • ADA price on the daily chart finds support from the Ascending Trendline, further reinforcing the potential for an upward move.

  • A healthy retracement to the 38.2% Fibonacci level creates a buying opportunity, as observed in the technical analysis.

  • The confluence of technical support at $0.5 establishes a significant area of interest for buyers, enhancing the likelihood of a positive market response.

  • This degree of pullback is considered a healthy retracement, fostering sustainability at higher price levels.

KEY LEVELS :

RESISTANCE LEVEL : $0.5400-$0.5700

SUPPORT LEVEL : $0.5000-$0.4800

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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