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Cardano (ADA/USD) Ascends to $0.405, Bullish Trends Take Hold

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on December 04, 2023 | 2 min
Updated on Dec 04, 2023
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  • ADA/USD reaches $0.405, indicating a strong upward trend.
  • RSI at 72 and positive MACD suggest continued bullish momentum.
  • Focus on breaking resistance at $0.4090, bullish above $0.400.

As the digital currency landscape continues to unfold, Cardano (ADA/USD) is marking its presence with significant market movements. On December 4, the live Cardano price has reached $0.405094, registering a 2.09% increase in the last 24 hours. This upswing is supported by a trading volume of $330,074,277, positioning Cardano as the eighth-ranked cryptocurrency by market cap, which presently stands at $14,303,408,743. The circulating supply of Cardano is 35,308,839,255 ADA coins, against a maximum supply cap of 45,000,000,000 ADA coins.

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ADA/USD Price Chart
ADA/USD Price Chart – Source: Tradingview

Cardano (ADA) Price Prediction: Technical Outlook

A detailed examination of Cardano’s 4-hour chart presents an optimistic trend. The pivot point at $0.3890 is a critical marker for ADA’s short-term trajectory. The currency faces immediate resistance at $0.4090, with subsequent resistances at $0.4230 and $0.4430. These levels are pivotal in determining the potential for Cardano’s upward movement. Conversely, support levels are found at $0.3750, $0.3550, and $0.3410, which could offer a cushion in case of any decline in price.

The technical indicators for ADA paint a picture of bullish sentiment. The Relative Strength Index (RSI) stands at 72, signaling an overbought market condition. While this could indicate a need for a brief consolidation or correction, the overall bullish momentum is unmistakable, as the RSI is well above the midline of 50. The Moving Average Convergence Divergence (MACD) further corroborates this outlook, with the MACD line at 0.001 and the signal line at 0.005, hinting at sustained upward momentum.

Additionally, Cardano is trading above its 50-day Exponential Moving Average (EMA) of $0.3870, reaffirming the short-term bullish trend. However, the inherent volatility in the cryptocurrency market calls for a cautious approach, as sudden market shifts are always a possibility.

The chart patterns observed in ADA’s trading behavior, particularly the symmetrical triangle breakout and bullish engulfing candlestick pattern, strongly suggest a buying trend. This combination of patterns is a reliable indicator of potential future price increases, especially when aligned with the other positive technical indicators.

The overall trend for Cardano appears bullish, particularly as it maintains momentum above the $0.400 mark. In the short term, the focus will be on testing and potentially surpassing the immediate resistance levels. Investors and traders in the cryptocurrency market should monitor these technical indicators and chart patterns closely, as they provide crucial insights into Card

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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