Cardano Analysis: How Much Energy Do ADA Bulls Have To Hit $0.3 Milestone? - ADVFN

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Name	Symbol	Market	Market Cap ($)	Algorithm
Algorand	ALGOUSD	Crypto	1,434,342,737	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0001	-0.06%	0.1786	0.1784	0.1786

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.1804	0.1782	0.1791	0.1787	0.081290 - 0.329600

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:49:37	279.70	0.1787	USD

Price x Volume	Volume	Base Symbol	Related Pairs
179,414.97	1,000,766.71	ALGO	ALGOEUR	ALGOGBP	ALGOBTC

Cardano Analysis: How Much Energy Do ADA Bulls Have To Hit $0.3 Milestone?

15/09/2023 12:30pm

NEWSBTC

Cardano (ADA) has been making waves recently, pulled up by a newly found enthusiastic demand pressure at the $0.24 support level. Investors and enthusiasts are eagerly watching to see if this bullish trajectory is solid enough to inspire confidence in a more extended recovery. After a period of uncertainty, ADA’s price has seen a resurgence, thanks in part to the $0.24 support level. This renewed demand has ignited a relief rally, catching the attention of traders and analysts alike. But, the question on everyone’s mind is whether this upward momentum can be sustained. Related Reading: Algorand (ALGO) May Have A Chance At A Bullish Streak – Here’s How According to a recent price analysis, if the current buying momentum persists, ADA could appreciate by another 3% within the week. This modest yet encouraging gain hints at the cryptocurrency’s resilience. However, there’s a significant obstacle standing in the way of a more substantial bullish turn. As of the latest available data, ADA is priced at approximately $0.254026 on CoinGecko, with a 2.6% gain in the last 24 hours and a slight 1.3% decline over the past seven days. ADA Breaks Through The Dynamic Resistance A formidable dynamic resistance level has thwarted bulls’ attempts to push ADA higher on three distinct occasions in the past. To inspire true confidence in a prolonged uptrend, ADA’s price must decisively breach this overhead resistance. ADA market cap registers at nearly $9 billion today. Chart: TradingView.com Analysts suggest that achieving this feat could have a cascading effect, repositioning the resistance as newfound support. If this occurs, it could propel ADA’s price by an impressive 12.3%, pushing it to the $0.28 mark, with the possibility of reaching $0.30 in the near future. However, not all analyses are equally optimistic. A separate assessment notes a lack of bullish signals in the short term. ADA’s price has been largely stagnant, fluctuating within the $0.25-$0.29 range. This has led to concerns about the cryptocurrency’s immediate prospects. ADA seven-day price performance. Source: Coingecko Cardano: Challenges In The Midterm Looking further ahead, the midterm outlook for ADA remains uncertain. The resistance levels set by Bitcoin are acting as a formidable barrier in the cryptocurrency market, making ADA a less favorable candidate for a bullish breakout. Related Reading: Dogecoin Key Challenge: Will The $0.06 Support Level Hold? While there are positive signs of potential gains in the short term, the cryptocurrency faces significant challenges, particularly in breaking through dynamic resistance levels and overcoming the shadow of Bitcoin’s dominance. Investors and enthusiasts will be closely monitoring ADA’s performance in the coming weeks to see if it can sustain its recovery and inspire confidence in a more extended bullish trend. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from

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