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Cardano price prediction reveals that ADA is moving bullish with a gain of 3.37% as the coin prepares for a bullish cross above the 21-day moving average.
Cardano Prediction Statistical Data:
- Current Cardano Price: $0.33
- Cardano Market Cap – $12.3 Billion
- Cardano Circulating Supply – 35.9 Billion
- Total Cardano Supply – 37.1 Billion
- Cardano Coinmarketcap Ranking – #11
It is often recommended to get involved in crypto projects as early as possible, and Cardano (ADA) is a prime example of the importance of timing. Since its all-time low of $0.01735 in October 2017, the token has seen an impressive 1880.68% increase. For those who got in early, the returns have been substantial, although the current price is well below its all-time high of $3.10, reached in September 2021. Currently, the token’s price has fluctuated between $0.3363 and $0.3484 over the past 24 hours, reflecting the dynamic nature of the market.
ADA/USD Market
Key levels:
Resistance Levels: $0.40, $0.42, $0.44
Support Levels: $0.26, $0.24, $0.22
ADA/USD is trading in the green at the time of writing, with the currency poised to break above the 21-day moving average. According to the daily chart, the candle formation is currently following the upward move, but a slide below the 9-day moving average could reposition the market price south, and the nearest support level is around $0.30.
Cardano Price Prediction: ADA/USD Could See a Rise
Cardano price has been on a roll recently, showing initial strength earlier in the week before encountering a bearish rejection. This analysis looks at ADA’s current price action, focusing on key support levels and the potential for a rebound. On the contrary, the current support at $0.32 is crucial. If this level holds, Cardano can consolidate around it, but if it breaks, the next major support lies at $0.28. Additionally, a long-term trendline that has historically supported the price will play a key role in determining whether ADA can maintain its current level.
Meanwhile, Cardano’s future largely depends on Bitcoin’s performance and the overall market sentiment. If Bitcoin strengthens, Cardano could consolidate and hold its support. However, with the prevailing bearish momentum, there is a significant risk that ADA could fall to lower levels, especially if market conditions do not improve. Traders should closely monitor key support levels and Bitcoin’s influence. Critical supports could be around $0.26, $0.24, and $0.22 if selling volume increases. Nevertheless, the 9-day moving average is below the 21-day moving average, but the market could gain more if it heads higher.
ADA/BTC Could Begin a Bullish Move
Against Bitcoin, buyers are pushing Cardano price above the 9-day and 21-day moving averages. Meanwhile, on the upside, the closest resistance level lies near the upper boundary of the channel at 700 SAT and above.
On the contrary, the closest support could be found at 580 SAT, if the price falls further to create a new low, a lower support could be found at 525 SAT and below. Meanwhile, if the 9-day moving average crosses above the 21-day moving average, it could be a confirmation that the market could follow the upward move.
However, @WorldOfCharts1 shared with his 34,000+ followers on X (formerly Twitter) that #Cardano (ADA) is positioned for a strong bounce, currently consolidating in a classic falling wedge pattern. A successful breakout of this setup could lead #ADA towards the $1 target with impressive momentum. 🚀
$Ada #Cardano (ADA) is poised for a significant bounce, currently consolidating a classic falling wedge pattern. A successful breakout of this formation could propel #Ada Straight towards the $1 mark with amazing momentum. 🚀 pic.twitter.com/hd8SwJJsdK
— World of Charts (@WorldOfCharts1) September 8, 2024
Alternatives to Cardano
Cardano is trading around $0.33 and could break above the 21-day moving average. In the descending channel, the closest resistance is at $0.35, followed by another at $0.38. If the market gains momentum, additional resistance could be encountered near the upper boundary of the channel. Meanwhile, traders are turning their attention to a rising cryptocurrency, Pepe Unchained ($PEPU), which has attracted considerable market attention. The project raised nearly $13 million in its presale and is gaining traction on platforms like CoinMarketCap and Binance. Pepe Unchained also enjoys strong social media engagement, with over 12.4k Twitter followers and an active community, further boosting its visibility.
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