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Cardano (ADA/USD) Eyes $0.44 As Bulls Charge Forward

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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 06, 2023 | 2 min
Updated on Dec 06, 2023
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  • Cardano’s (ADA) price action remains bullish, with current trading above the pivotal $0.4230 level.
  • RSI indicates overbought territory, hinting at possible consolidation, while MACD supports continued upward momentum.
  • Short-term forecast suggests ADA could test the $0.4430 resistance in the upcoming sessions.

In the latest developments within the cryptocurrency market, Cardano (ADA) has emerged as a standout performer on December 6, reflecting a 4.67% increase over the past 24 hours. The asset’s price today hovers around $0.423614, bolstered by a trading volume that has reached $532 million. Cardano’s advancement in market value has secured its position as the eighth-largest cryptocurrency, boasting a live market cap of nearly $15 billion, with over 35 billion ADA coins in circulation out of a maximum supply of 45 billion.

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

Cardano (ADA) Price Prediction: Technical Outlook

The technical landscape on the 4-hour chart presents a bullish case for ADA, with the asset trading just above its pivot point at $0.4230. This level serves as a fulcrum for the current price action, with immediate resistances awaiting at $0.4430, $0.4630, and $0.4830, respectively. These thresholds represent significant barriers that the bulls must overcome to sustain the upward trajectory. Conversely, supports have been established at $0.4090, $0.3890, and $0.3750, which are poised to provide a cushion against any potential pullbacks.

Cardano’s RSI reads at 71, which typically signals overbought conditions and could indicate a near-term consolidation or correction. Despite this, the MACD values, with a line at 0.00200 above a signal of 0.009, suggest that upward momentum still has the upper hand. The price’s position above the 50-day Exponential Moving Average (EMA) of $0.3960 further corroborates the short-term bullish sentiment, lending credence to the possibility of further advances.

Notably, ADA’s chart exhibits a pattern that indicates continued bullish momentum. The asset has managed to maintain its stance above the pivotal $0.4230 mark, a sign that the bulls are not ready to cede control. The chart pattern analysis, combined with the bullish candlestick formations, underscores the strength of the current trend.

Cardano’s uptick can be partially attributed to the broader recovery in the crypto market, but it also reflects growing investor confidence in ADA’s long-term potential. The platform’s commitment to scientific philosophy and research-driven approach to blockchain development continues to attract attention, potentially driving further adoption and price appreciation.

In conclusion, Cardano’s current bullish stance is robust, particularly if it maintains its position above the $0.4230 threshold. The immediate forecast anticipates a test of the $0.4430 resistance level. Market participants will be closely monitoring the asset’s performance, especially in light of the overbought RSI, which could lead to short-term volatility. However, the overall trend for ADA remains bullish, and the digital asset’s fundamentals suggest that there could be more room to grow.

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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