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Cardano at $0.3810, Poised for Resistance Challenge

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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 November 20, 2023 | 2 min
Updated on Nov 21, 2023
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  • Cardano trades at $0.381784, marking a 2.31% increase, as it climbs the market cap ranks.
  • Resistance levels at $0.4160 and $0.4470 set as next targets, with RSI and MACD indicating bullish potential.
  • Cardano maintains above 50 EMA, suggesting continued bullish momentum in the short term.

In the digital currency space, Cardano (ADA/USD) is making strides with its current trading price at $0.381784, marking a 2.31% rise in the last 24 hours. With a market capitalization of $13.47 billion, Cardano stands as the eighth largest cryptocurrency, underlining its growing significance in the market. Its circulating supply of 35.28 billion ADA coins, against a maximum of 45 billion, highlights the scale of its adoption and potential for future growth.

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

Cardano Price Prediction: Technical Outlook

Cardano’s performance is not just a reflection of its own technological advancements but also of broader market sentiments and macroeconomic factors that influence the cryptocurrency space. The coin’s recent uptick can be attributed to a combination of intrinsic value, investor confidence, and speculative interest, which is often the case with digital assets.

 

A closer look at the 4-hour chart reveals a pivotal point at $0.3780. Immediate resistance levels are observed at $0.4160, $0.4470, and $0.4850. These levels represent significant barriers that Cardano will need to surpass to sustain its upward trajectory. On the downside, support levels are established at $0.3470, $0.3100, and $0.2780, offering potential cushions against retracements.

 

The Relative Strength Index (RSI) for Cardano stands at 57, suggesting a market that is neither overbought nor oversold, but rather exhibiting a stable momentum with a slight bullish bias. The Moving Average Convergence Divergence (MACD) shows a value of 0.002 with a signal of 0.003, indicating a potential for upward movement, albeit cautiously. Furthermore, Cardano’s price above the 50 EMA of $0.3710 aligns with the bullish trend in the short term.

 

The observed chart patterns, including potential ascending channels, suggest a bullish inclination for Cardano. However, as with any cryptocurrency, the market’s trajectory is subject to rapid changes influenced by external factors such as regulatory news, technological developments, and shifts in investor sentiment.

 

In conclusion, the overall trend for Cardano appears cautiously optimistic, with the digital asset positioned to test its immediate resistance levels in the near term. The current market dynamics, reinforced by technical indicators, suggest potential for continued upward momentum. However, traders and investors alike should remain vigilant, keeping a close eye on both technical indicators and broader market trends.

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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