Cardano Price Up 13%, ADA Price Prepares For Next Phase of Rally

Cardano price rose by 13.42% in March 2023.
Cardano price prediction suggests a rally might begin, if conditions are suitable.
ADA price sustained a 50 day EMA and tried to break 200 day EMA.

Cardano Price prediction suggests a rise and is expecting the upward momentum to continue in the coming months. Cardano Price gained 13.42% in the previous month and tried to break the $0.4000 hurdle level. However, ADA price began to consolidate near the supply zone and a breakout is expected.

ADA price sustained above the 50 day EMA, indicating that a short term trend is working in the upward direction. Moreover, the prices also struck the 200 day EMA and tried to reverse the positional trend in favor of the bulls.

Cardano price is trading at $0.3898 with an intraday rise of 0.67% and the 24-hour volume to market cap ratio is at 0.0467. The ADA/BTC pair is trading at 0.00001400 BTC with an intraday rise of 0.50% showing high correlation between the direction of both the pairs. Early March, ADA price dropped below the 50 day EMA and global market sentiment also turned bearish, which negatively impacted most of the altcoins.

ADA crypto price began to decline later, forming lower lows and made a low swing at $0.2976. However, the fall halted near the demand zone and Cardano crypto witnessed a massive spike in the buying volume.

Will Cardano Price Break The Swing High?

Cardano price made a u-turn from its demand zone by forming a bullish engulfing candle pattern, showing the initial signs of a trend reversal. Later, the global market sentiment improved and ADA price also gained some positive momentum. Cardano crypto surged upward and recovered around 30% from the recent low.

Currently, ADA price is approaching its previous high swing and likely to attempt another breakout in the coming days. Technical analysis suggests that ADA price is in bullish grip and the probability of a breakout will increase, if the buyers successfully push the price above the 200-day EMA.

ADA Price: Technical Outlook

The ADA price gained about 7.25% on a weekly basis and rose upward from the past four consecutive weeks. The MACD generated a positive crossover and the histogram bar is also on the rise. This indicates that prices are likely to continue with the upward momentum and expected to trade with bullish bias. The RSI at 59 sloping north highlights the strength of the bulls and more upside is open.

Conclusion

Cardano price showed a decent recovery from the lows and buying volume is also on the rise indicating that buyers are returning. Technical analysis suggests that ADA price is in bullish grip and that the next phase of the rally could be seen in the coming months. However, the probability of a rally will increase only if the buyers successfully break the 200 day EMA hurdle.

Technical levels

Resistance levels : $0.4230 and $0.5251

Support levels : $0.2981 and $0.2385

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing