Cardano (ADA) Price May Rebound From Current Levels, Here’s Why

Cardano (ADA) price rebounds from the recommended level of $0.33 earlier predicted by popular analyst Peter Brandt and influencer Dan Gambardello. Moreover, crypto exchange Coinbase records that 91% of its customers purchased ADA in the last 24 hours. Cardano (ADA) price soars over 5% from a low of $0.33 to a high of $0.35.

ADA Price Gains Momentum

Cardano’s price was trading in the $0.42-$0.55 range since May and fails to show any significant price movement as traders were awaiting the Vasil hard fork. However, traders also anticipated a fall after the Vasil hard fork as the ADA price always plummeted after every hard fork historically.

Meanwhile, popular technical analyst Peter Brandt warned Cardano (ADA) may fall due to a “descending triangle” pattern formation. Cardano influencer Dan Gambardello, the founder of Crypto Capital Venture, also suggested Cardano community to prepare for both side scenarios. The ADA price to likely fall to $0.33 and will recover from this level.

On October 10, Cardano price broke the $0.42 support level and continues to fall to $0.33. However, the ADA price has rebounded, as suggested by Peter Brandt and Gambardello.

In the last 24 hours, Cardano price rebounded from $0.33 to hit a high of $.035, a jump of over 5%. The trading volume has increased by only 3%. Meanwhile, Coinbase reports that 91% of its customers purchased ADA in the last 24 hours. Thus, a rise in trading activity on Coinbase indicates a bullish outlook.

However, technical indicators haven’t confirmed a reversal. In the 1-day timeframe, the EMA-20 continues to move below EMA-50. Moreover, the RSI is in the oversold region, at 27.

On the other hand, whales have taken the buy-the-dip opportunity to accumulate Cardano (ADA) at lower price levels. According to WhaleStats, Cardano is one of the most used smart contracts among the top 2000 BSC whales in the last 24 hours. It is also in the top 10 by trading volume among the 4000 biggest BSC whales in the last 24 hours.

Cardano’s Developments and Chain Activity

Along with the demand from traders and whales, the Cardano chain is also witnessing massive activity. Ape Society, a Cardano NFT project, has reached a 15,000 ADA floor price in the last 24 hours. Moreover, Citadoc announced its first ADA transaction in its telemedicine platform.

Another project, Cardano DEX AdaSwap announced its launch on the mainnet on November 28. AdaSwap also going cross-chain on Aptos Layer-1 chain.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.