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Cardano On a Bullish Run; Is it Going to Target $0.2600?

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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 16, 2023 | 2 min
Updated on Oct 16, 2023
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  • Cardano’s current price is $0.248336, with a 24-hour increase of 0.32%.
  • ADA’s RSI stands at 64, hinting at a prevailing bullish sentiment.
  • Cardano is bullish above $0.249; immediate resistance lies at $0.2500.

Cardano, one of the forerunners in the cryptocurrency market, has recently embarked on an impressive bullish run. As traders and investors closely watch its dynamic movements, speculations are rife about its next potential target. Given the current momentum and market sentiments, many believe that Cardano could be setting its sights on the $0.2600 mark. But what underpins this optimism, and how realistic is this target? Let’s delve into the factors fueling Cardano’s current trajectory.

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

Cardano Price Prediction: Technical Outlook

Today, Cardano (ADA) is trading at $0.248336 USD. Over the past 24 hours, it registered a trading volume close to $84.43 million, signifying a slight uptick of 0.32%. Based on the latest figures from CoinMarketCap, Cardano takes the 8th spot in rankings, boasting a market capitalization of approximately $8.74 billion. In terms of its circulating supply, there are about 35.21 billion ADA tokens in the market, with its total supply set at a ceiling of 45 billion ADA.

 

Delving into the 4-hour chart, we can pinpoint ADA’s pivot point at $0.2410. On its path of ascent, the cryptocurrency confronts an initial resistance at $0.2500, and if it breaks past this, the next resistance levels are set at $0.2570 and $0.2660 respectively. On the downside, ADA finds its immediate support at $0.2340, with the following support levels at $0.2250 and $0.2160.

 

A closer look at the key technical indicators unveils a clearer picture:

RSI (Relative Strength Index): Currently, ADA’s RSI reads 64. An RSI above 50 typically portrays a bullish sentiment, suggesting that traders are optimistic about Cardano’s trajectory.

 

MACD (Moving Average Convergence Divergence): The MACD line for ADA is currently at 0.001, matching its signal line at 0. This alignment of the MACD hints at a possible upward swing for the digital asset in the near future.

 

50 EMA (50-Day Exponential Moving Average): ADA’s price is slightly beneath its 50 EMA, which is charted at $0.249. If the price surpasses this average, it’s generally an indicator of a bullish momentum in the short term.

 

In conclusion, Cardano presents a bullish stance, provided it maintains its position above the $0.249 benchmark. Should it fall below this mark, the sentiment could tilt bearish. The immediate future seems promising for ADA, as it looks poised to test its upcoming resistance levels in the subsequent days.

Stay tuned for more updates!

author
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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