Cardano Price Prediction, Is ADA poised for a price surge

Cardano breaches 20 and 50 EMAs, heading up from lower trendline

Cardano price is currently in an uptrend, breaking free from the bearish grip it once held. Cardano has exhibited encouraging signs of bullish activity, with a notable uptick starting on September 25th, resulting in a 12% gain over the course of a week from its lowest point to its peak. ADA has successfully maintained support from the 50-day Exponential Moving Average, avoiding potential setbacks.

Is ADA Prepared for a Price Surge?

After nine consecutive red candles on the weekly chart, Cardano finally formed a green candle last week, suggesting buying interest at lower levels. ADA is currently trading above both the 20 and 50-day Simple Moving Averages, providing support for its price momentum. If buying volume continues to increase, it could drive ADA to make higher highs and set new records. This bullish sentiment is expected to persist in the daily timeframe chart.

Technical View:

According to Coingabbar Price Analysis, Over the past four weeks, Cardano has shown consistent growth, with a 1.20% increase. Last week alone, it saw a substantial gain of 5.90%. Currently trading at $0.2565, ADA is striving to maintain this level after an unexpected surge. It's positioned between key support and resistance levels, with the 50-day EMA serving as support and the 100-day EMA and lower ascending trendline acting as resistance. If ADA can hold this position, it may target $0.2775 and $0.3100 as its first and second objectives. Conversely, a failure to sustain this level could lead to support levels at $0.2200 and $0.2000.

KEY LEVELS :

RESISTANCE LEVEL : $0.2650-$0.2800

SUPPORT LEVEL : $0.2480-$0.2350

Is ADA set for a substantial price rally? Might a rebound drive Cardano above $0.3000? Is crypto's October outlook bullish? Please share your views in the comment box 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.