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Cardano Breaks Symmetrical Triangle at $0.25: Buy Now?

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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 September 20, 2023 | 1 min
Updated on Sep 21, 2023
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  • Cardano’s current price stands at $0.253543, experiencing a slight dip of 0.58% over the past 24 hours. With a market capitalization of approximately $8.9 billion, it secures the #7 spot on CoinMarketCap and boasts a circulating supply nearing 35.11 billion ADA coins out of a possible 45 billion.
  • ADA’s charts highlight its recent break past the $0.2500 resistance, transitioning this level into a supportive base.
  • The 4-hour ADA/USD chart displays an indecisive candlestick pattern just shy of the $0.2570 mark, intensifying market unpredictability and alluding to potential bearish trends.

In a recent display of momentum, Cardano has broken out of a symmetrical triangle pattern, surpassing the critical $0.25 mark. This bullish breakout has captured the attention of investors and traders alike, sparking debates on whether this is the opportune moment to enter the market. As Cardano demonstrates this promising technical posture, many are left wondering: is it time to buy now?

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

Cardano Price Prediction: Technical Outlook

The live Cardano price today is $0.253543 with a 24-hour trading volume of $97,114,731. Cardano is down 0.58% in the last 24 hours. The current CoinMarketCap ranking is #7, with a live market cap of $8,901,879,869 USD. It has a circulating supply of 35,109,893,907 ADA coins and a max. supply of 45,000,000,000 ADA coins.

 

Analyzing ADA’s recent performance, it wrestled with the $0.2500 resistance but has since breached a symmetrical triangle pattern, converting this threshold into a newfound support. Examining the 4-hour chart of the ADA/USD pair, an ambiguous candlestick formation appears just below the $0.2570 region, hinting at market hesitation and potential bearish undertones. The immediate backup for Cardano lies at $0.2500. Should this fail, the trajectory might be directed towards the subsequent notable support anchored at $0.2370. A noticeable descending trendline on this chart further compounds the market’s prevailing uncertainty.

 

Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are tilting towards a bullish momentum, forewarning of a potential bullish shift in the near horizon.

For market participants, the $0.2570 mark remains pivotal. A descent beneath this could be indicative of an intensifying bearish momentum.

 

In essence, Cardano stands at a pivotal moment. The $0.2570 level emerges as a significant marker to determine its forthcoming direction, especially when aligned with overarching technical cues suggesting potential bearish pressure.

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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