Cardano Price Prediction, Will the Rally Resume
- There is a connecting bullish trend line forming with support near $0.3650 on the 4-hour chart.
- The price is now trading below $0.380 and the 50 hourly simple moving average.
- A potential uptrend may initiate upon surpassing the resistance levels at $0.385 and $0.400.
Cardano price struggles to surpass $0.40 against the US Dollar.
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The consolidation phase, marked by alternating green and red candles, reflects a lack of decisive action from buyers or sellers.
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A closer look at the daily chart reveals a pennant formation during this consolidation, indicating a broader bullish pattern.
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A bullish breakout from the pennant could amplify buying momentum in Cardano's price.
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According to Coingabbar Price Analysis, At $0.37, ADA finds substantial support, influencing its short-term trajectory.
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The $0.4 level posed a significant obstacle to Cardano's price recovery, leading to a consolidation phase driven by overhead supply.
KEY LEVELS :
RESISTANCE LEVEL : $0.3880-$0.4000
SUPPORT LEVEL : $0.3690-$0.3550
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.
