Cryptocurrencies

Cardano Price Prediction: ADA Surges 11% – Can It Break $0.45 Resistance?

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Written By: Lilly Mwogah
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    Summary:
  • ADA consolidates at $0.5789 after a strong rally. Key chart analysis reveals support and resistance levels as ADA eyes $0.65.

Cardano (ADA) has experienced an impressive surge recently, climbing over 11% and reaching a high of $0.61. However, the cryptocurrency is consolidating today, trading at $0.5789, down 1.91%. The retreat occurs as Bitcoin hits $81,000, causing volatility throughout the cryptocurrency market.

Key Chart Analysis for ADA

The daily chart reveals a bullish structure despite today’s minor correction. Here are the critical levels to monitor:

  • Support levels:
    • $0.4968: The first major support, aligning with last week’s breakout zone.
    • $0.4480: A strong support level from late October.
    • $0.4122: The 20-day EMA, offering dynamic support in the uptrend.
  • Resistance levels:
    • $0.6135: The immediate resistance zone, tested during the recent rally.
    • $0.65: A key psychological barrier that could open the door to higher gains.
  • RSI indicator:
    • RSI on the daily chart is hovering in overbought territory, suggesting a possible consolidation phase before further upside.
Cardano Daily Chart Analysis

What’s Next for Cardano?

The recent price movement of Cardano indicates that a phase of consolidation could be happening. Provided ADA stays over $0.50, the positive sentiment continues to hold. Nonetheless, a definitive rise beyond $0.6135 is required for the rally to advance towards the $0.65 target.

For traders, ADA presents an exciting opportunity, but staying alert to Bitcoin’s price movements will be key as the broader market sentiment continues to shape ADA’s direction.

This post was last modified on Nov 11, 2024, 09:27 GMT 09:27

Written By: Lilly Mwogah

Lilly Mwogah is a finance writer specializing in cryptocurrencies, forex, and indices. Passionate about simplifying complex financial topics, she creates engaging content for a broad audience. With a solid grasp of market trends and economic indicators, her work informs and empowers readers to navigate the dynamic finance world.

Published by
Written By: Lilly Mwogah