Aaryamann Shrivastava
FXStreet
- Cardano price rose by almost 6% in the last 24 hours, bringing the price to $0.266.
- ADA could rise to $0.300 if buyers sustain the bullish momentum.
- If Cardano price fails to note growth and declines below $0.248, it would invalidate the bullish thesis.
Cardano price managed to revive itself after forming two-year lows towards the end of 2022, registering a good start to 2023. The third-generation cryptocurrency still has a shot at initiating recovery, provided it can breach through its almost month-long resistance level.
Cardano price onset for recovery
Cardano price slipped to $0.240 before the beginning of the new year after falling by more than 16% mid-December. Since then, ADA has managed to recover slightly, bringing the trading price of the altcoin to $0.266 after a 5.93% rise noted in the last 24 hours.
If this momentum continues, Cardano price might be able to reclaim its December losses, which began after ADA fell below $0.300. Should the bullish behavior noted at the hand of buyers persist, the cryptocurrency will be able to breach the immediate resistance at $0.271.
This would allow for the altcoin to rise toward $0.285 and flip it into a support floor. From here, if the third-gen cryptocurrency breaches $0.298, it would achieve an 11% rally.
ADA/USD 4-hour chart
However, if the bullish outlook does not pan out, investors must be wary of a possible 11% crash as well. Trading at $0.266, Cardano price is treading very close to its immediate support level at $0.262. Losing this support would initiate a downfall that could result in ADA falling below $0.255.
If this decline continues, Cardano price could end up tagging the critical support level at $0.248. A daily candlestick close below this level would invalidate the bullish thesis, potentially pushing ADA toward two-year lows of $0.240.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.