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Cardano Breaks $0.24-$0.25; Aiming for $0.27 Next?

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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 October 02, 2023 | 2 min
Updated on Oct 02, 2023
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  • Cardano is trading at a promising $0.264508, marking a 3.48% increase within the past 24 hours.
  • On the 4-hour chart, several pivotal price levels emerge. The pivot point is identified at $0.258, while the immediate resistance is located at $0.276.
  • Cardano is treading on a bullish path, especially if it can sustain above the $0.2600 mark. Should it drop below this threshold, it might signal a selling opportunity.

In the constantly evolving world of cryptocurrencies, Cardano (ADA) has recently made notable strides. Breaking free from its stagnation within the $0.24-$0.25 range, Cardano has now piqued the interest of investors and market watchers alike. As it ventures into the $0.26 territory, the pertinent question on many minds is whether its momentum will propel it to the next target of $0.27. This analysis delves into the technical and market dynamics currently at play for ADA.

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

Cardano Price Prediction: Technical Outlook

On October 2, Cardano is trading at a promising $0.264508, marking a 3.48% increase within the past 24 hours. The trading volume for this period is approximately $178.35 million. Notably, the coin is currently ranked #8 on the CoinMarketCap list, boasting a hefty market capitalization of $9.29 billion. The ADA coin has a circulating supply hovering around 35.14 billion, with a maximum potential supply of 45 billion ADA.

 

On the 4-hour chart, several pivotal price levels emerge. The pivot point is identified at $0.258, while the immediate resistance is located at $0.276. Beyond this, there are resistances at $0.285 and $0.303. On the flip side, Cardano finds its immediate support at $0.249, with further cushions at $0.231 and $0.222.

 

Analyzing the technical indicators, the current RSI is at 69.7. Typically, an RSI surpassing 70 suggests overbought conditions, and anything below 30 is considered oversold. The current level reflects a strong bullish sentiment. The MACD, another essential indicator, stands at 0.001, with its signal counterpart at 0.003. A MACD line above its signal often indicates a bullish momentum. Furthermore, with the price currently above the 50 EMA of $0.252, the coin is in a short-term bullish phase.

 

The charts also reveal a symmetrical triangle breakout at $0.2500. Post this breakout, we see a slight bearish correction, potentially driving the asset price toward the $0.2600 mark. Yet, if Cardano secures a position above this price, it could induce further buying.

 

In conclusion, Cardano is treading on a bullish path, especially if it can sustain above the $0.2600 mark. Should it drop below this threshold, it might signal a selling opportunity. For the near future, there’s a potential for ADA to challenge its immediate resistances, especially if this upward trend persists.

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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