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Cardano Range-Bound Between $0.24 and $0.25: A Quick Update

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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 28, 2023 | 2 min
Updated on Oct 01, 2023
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  • Cardano (ADA/USD) is priced at $0.243966 as of September 28, seeing a 0.60% decrease in the last 24 hours and ranking #7 on CoinMarketCap with a market cap of $8.57 billion.
  • On a 4-hour chart, Cardano’s key resistance is at $0.253, while support stands at $0.237; the RSI at 45.01 suggests a slightly bearish sentiment.
  • A symmetrical triangle pattern on Cardano’s charts indicates consolidation, with a potential breakout or breakdown being significant for future price direction.

As of September 28, Cardano’s (ADA/USD) price is currently pegged at $0.243966 USD. Within the last 24 hours, it has seen a modest decrease by 0.60%. In the grand scheme of the cryptocurrency market, Cardano occupies the #7 spot on CoinMarketCap. This position is bolstered by its impressive market capitalization which stands at a hefty $8.57 billion USD. In terms of supply dynamics, the market sees an active circulation of roughly 35.13 billion ADA coins, progressing towards its maximum supply cap of 45 billion ADA coins.

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

Cardano Price Prediction: Technical Outlook

Looking at a 4-hour chart timeframe, Cardano’s pivot point is precisely at $0.248. On the upside, the immediate resistance is at $0.253, followed by $0.264 and then at $0.269. On the downside, the immediate support hovers at $0.237, with subsequent cushions at $0.232 and $0.221.

 

Diving into the technical indicators, the Relative Strength Index (RSI) for the coin sits at 45.01, suggesting a marginally bearish sentiment as it’s below the neutral 50 threshold. Moreover, the 50-Day Exponential Moving Average (50 EMA) is clocked at $0.246. With Cardano’s price hovering just below this, it paints a short-term bearish picture.

 

On the charts, Cardano exhibits a symmetrical triangle pattern, indicating a period of consolidation. Historically, this pattern is a precursor to a substantial price move, but the direction remains uncertain until a breakout occurs.

 

At this time, no significant fundamental news seems to be swaying Cardano’s price. In conclusion, the prevailing sentiment for Cardano is neutral. For a decisive market move, watch for a breakout above the $0.2480 level or a dip below the $0.2430 mark. In the short run, the coin might continue to oscillate within this range, but any breach of the stated levels can offer a clearer directional bias. As always, potential investors should tread with caution and factor in both technical and fundamental aspects before embarking on any investment decisions.

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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