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 Cardano’s Resilience: Rise Amid Market Uncertainty

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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.
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 30, 2023 | 2 min
Updated on Oct 30, 2023
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  • Cardano (ADA) holds the 8th rank with a market capitalization of $10.38 billion.
  • Key resistance and support levels set between $0.2340 and $0.3460.
  • Bullish sentiment observed, with a potential to test $0.3090 resistance in the near future.

Cardano’s current trading price hovers around $0.294620. This might seem modest, but a closer look reveals a growth of 1.10% in the last 24 hours. Such resilience is characteristic of ADA, which, despite the market’s unpredictable nature, manages to stay afloat and often thrive. The data from CoinMarketCap further cements its standing, placing Cardano at the 8th position in global crypto rankings. This ranking isn’t just for show; it comes with a robust market capitalization of approximately $10.38 billion.

 

Furthermore, the circulating supply of ADA coins stands at about 35.24 billion, a testament to its widespread adoption and use. It’s also worth noting that the maximum supply cap for ADA is set at 45 billion coins, a figure that holds significance for future valuation and scarcity dynamics.

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

Cardano Price Prediction: Technical Outlook

Analyzing the 4-hour chart offers a treasure trove of insights. The pivot point, a key metric that often determines the potential direction of a crypto asset, for ADA is set at $0.2850. This figure is crucial as it acts as a fulcrum around which short-term price movements of ADA are likely to revolve. But that’s just one piece of the puzzle.

 

On the brighter side of things, if ADA embarks on an upward journey, it might first encounter resistance at $0.3090. If it manages to breach this, the subsequent ceilings are poised at $0.3230 and then a more ambitious target at $0.3460. These figures aren’t just random numbers; they are derived from historical data, trading volumes, and sophisticated calculations that take into account various market factors.

 

However, every asset has its days of reckoning. Should ADA face downward pressures, it could find its first cushion at $0.2720. If the bearish winds blow stronger, ADA might descend to $0.2490, and in a more pronounced bear market, the asset could seek solace at $0.2340.

 

No technical analysis is complete without a mention of specific indicators that give traders a sense of the market’s pulse. The RSI, or Relative Strength Index, for ADA stands at 57. This is a bellwether of market sentiment, indicating a slight bullish tilt. It’s essential to remember that an RSI above 70 often signals an overbought market, while anything below 30 hints at an oversold market.

 

The MACD, another vital indicator, currently suggests a potential bearish pull, given the MACD line’s position relative to its signal line. Yet, the world of crypto is known for its rapid turnarounds, and a crossover in the MACD could easily tilt the scales.

 

Lastly, the 50 EMA (50-Day Exponential Moving Average) is indicative of ADA’s short-term trend. With the price floating above the 50 EMA, set at $0.2820, the short-term trend for ADA appears bullish.

 

In summation, while the broader crypto market remains in a state of flux, Cardano’s ADA seems poised for a bullish run, especially if it sustains above the $0.2850 mark. If this trend holds, ADA might soon be knocking on the doors of the $0.3090 resistance. As always, in the volatile domain of cryptocurrencies, vigilance, research, and a pinch of caution go a long way.

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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