Cardano reclaims its position as the 9th largest cryptocurrency globally, boasting a market cap of $13 billion. This milestone follows a 3.10% surge in the past 24 hours, with ADA now trading at $0.3727.
Will the bullish trend in Cardano reach $1 as Bitcoin rally targets $80k this November? Find out more in Coinpedia’s Cardano price analysis below.
Cardano (ADA) Price Eyes $0.50 Breakout
In the daily chart, the Cardano price action reveals four consecutive bullish candles. The bullish spree accounts for nearly a 35% surge. The sudden surge in bullish momentum comes with the crypto market recovery amid Donald Trump’s win as the 47th U.S. President.
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The falling channel breakout rally in ADA price finally gained momentum after a slump witnessed in October. The recovery run exceeds the 50-day and 200-day simple moving average lines and is challenging the 38.20% Fibonacci level at $0.442.
Currently, the Cardano price is trading at $0.434 with an intraday gain of 6.60%. The sudden recovery in ADA price comes with a double-bottom reversal with a neckline breakout at $0.35.
The breakout of the 23.60% Fibonacci level at $0.387 reveals a medium-term change in character. However, the 38.20% Fibonacci breakout will prolong the high-momentum recovery rally.
Technical Indicators:
MACD: The massive surge in buying pressure results in a positive crossover between the MACD and Signal line, with the positive histogram skyrocketing.
SMA: With the sudden change of character, the 50-day SMA line witnesses an uptick and teases a potential golden crossover with the 200-day SMA line.
Will Cardano Price Hit $0.638?
Based on the price action analysis, the Cardano price trend shows potential to reach the starting point of the falling channel pattern. Cardano’s price target is at 78.60% Fibonacci level at $0.638. Hence, the price action analysis reveals a massive upside of 45% in the coming weeks.
Conversely, the crucial support levels for Cardano (ADA) price are present at $0.387 and $0.358. On a side note, the ADA price is likely to witness minor profit bookings near the $0.50 psychological mark, which is close to the 50% Fibonacci level.
With the increasing bullish expectations, will Cardano reach the $1 mark in 2024? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates.
FAQs
A falling channel breakout, market recovery, and bullish technical indicators like MACD and SMA crossovers fuel Cardano’s price surge.
ADA challenges the 38.20% Fibonacci level at $0.442 and aims for $0.638 (78.60% Fibonacci level).
Key support levels include $0.387 and $0.358, crucial for maintaining the bullish momentum.
Source: https://coinpedia.org/price-analysis/cardano-price-rally-ada-targets-0-50-breakout/