Cardano Rebounds With 12% As Price Nears Resistance, Is $0.5 Possible?
26 Oktober 2022 - 3:37PM
NEWSBTC
ADA’s price shows strength as price bounces from a downtrend with
strong volume as price eyes a rally to $0.5. ADA faces rejection to
trend higher above $0.4 as the price faced a sharp rejection below
key resistance. The price of ADA continues to hold strong below the
50 Exponential Moving Average (EMA) as the price aims to rally past
key areas. The price of Cardano (ADA) has continued to hold strong
as price trends toward the region of $0.4, facing rejection to
trend higher to a region of $0.5. The crypto market has looked more
decent this week, with Bitcoin (BTC) and Ethereum (ETH) showing
some great price movement in recent times. This new relief rally
across the crypto market has positively impacted smaller coins like
Cardano (ADA) as price rallied from its downtrend movement to a
high of $0.4 as price attempted to break its key resistance. (Data
from Binance) Related Reading: Reasons Behind The Bitcoin Price
Rally – Is It Sustainable? Cardano (ADA) Price Analysis On The
Weekly Chart. Although many altcoins have struggled to trend in a
range market, the price of ADA has seen more of a downtrend move as
the price of ADA dropped from a high of $3 to $0.3, seeing more
than a 70% decline in its price. ADA’s price recently declined from
an all-time high of more than $3 to a region of $0.75 before
rallying to a high of $1.3. ADA’s price faced resistance from $1.3
to breaking higher. After the price of ADA was rejected at $1.3, it
fell to a region of $0.4, where it appeared to have formed strong
Support and, most likely, a demand zone for future buy orders, but
this wasn’t the case as the price dropped a bit further to a weekly
low of $0.35. The price of ADA rallied from $0.35 to a high of $0.4
as the price aimed to go higher to $0.5. The overall structure of
ADA appears to be favorable, with a high probability of price
retesting the $0.5 and higher ranges. If ADA fails to break and
hold above $0.43, we may see a retest of $0.35. Weekly resistance
for the price of ADA – $0.45-$0.5. Weekly Support for the price of
ADA – $0.35. Price Analysis Of ADA On The Daily (1D) Chart In the
daily timeframe, the price of ADA continues to hold strong and
trade above the key Support formed at $0.35 after the price rallied
from its daily low, with the current market looking favorable for
most crypto assets. The price of ADA needs to break and hold
above 50 EMA, acting as a strong resistance to the price of ADA.
The price of $0.4 corresponds to the value of 50 EMA, acting as
resistance for the price to break higher to a region of $0.5.
Daily resistance for the ADA price – $0.42. Daily Support for the
ADA price – $0.35. Related Reading: Why These Major Crypto Wallets
Acquired Over 100 Million XRP In Last 24 Hours Featured Image From
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