• Cardano price is trading at $0.399, maintaining its macro uptrend that began mid-January.
  • The bullish outcome of this situation is expected to draw more traders towards ADA and push the price up.
  • In the unfortunate event of bearishness taking precedence on the asset, the altcoin could fall to $0.325 and invalidate the bullish thesis.

Cardano price has been treading steadily upward, recovering the losses it endured over the last few months. The uptrend, while on the macro scale, seems to be intact, with ADA potentially heading toward $0.45, the short terms conditions might differ.

Cardano price still got it

Cardano price, despite the broader market receding into bearishness, managed to paint green, rising by nearly 6% in the span of three days. Trading at the price of $0.4 at the time of writing, ADA seems to be inching closer to clearing its next major hurdle. 

For Cardano price to keep up with the ongoing rally, buyers would have to pump the price up by maintaining their conviction. This would allow ADA to breach the immediate resistance at $0.402 and prepare to do the same with the critical resistance at $0.428.

Once $0.428 is flipped into a support floor, the altcoin will be on its way to recover 4-month old losses.

Although the Moving Average Convergence Divergence (MACD) indicator is pointing in a slightly different, possibly bearish direction. The signal line (red) and the MACD line are currently in line with each other.

ADA/USD 1-day chart

ADA/USD 1-day chart

However, if the signal line takes over the MACD line to establish a bearish crossover, ADA could end up in trouble.

Cardano price would lose its immediate support to fall to $0.344. The altcoin would have an opportunity to bounce off this level and reinitiate recovery.

However, failing to keep above it could result in the cryptocurrency slipping to the critical support at $0.325. A daily candlestick close below this level would invalidate the bullish thesis, pushing the price to $0.308.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Storj Price Forecast: Bulls aiming for double-digit gains

Storj Price Forecast: Bulls aiming for double-digit gains

Storj (STORJ), an open-source platform that leverages the blockchain to provide end-to-end encrypted cloud storage services, continues to trade higher by 4.4%, around $0.39 on Tuesday after rallying 5% the previous day.

More Storj News
XRP declines below $2.72 key level as Elon Musk's DOGE to begin SEC examination

XRP declines below $2.72 key level as Elon Musk's DOGE to begin SEC examination

Ripple's XRP saw a 4% decline in the early Asian session on Tuesday following an announcement that the Department of Government Efficiency is targeting the Securities and Exchange Commission (SEC) as the next agency to face its examination process.

More Ripple News
FTX repayments stir mixed feelings among investors, sending Bitcoin and Solana down

FTX repayments stir mixed feelings among investors, sending Bitcoin and Solana down

Bitcoin (BTC) and Solana (SOL) experienced declines on Monday as defunct crypto exchange FTX will begin redistributing tokens owed to creditors from its collapse in 2022, starting with those who held $50,000 or less.

More Cryptocurrencies News
Toncoin Price Analysis: TON nears $4 as LTC and DOGE ETF hype lifts PoW sector

Toncoin Price Analysis: TON nears $4 as LTC and DOGE ETF hype lifts PoW sector

Toncoin price has consolidated within the 2% tight range between $3.8 - $4 over the last 12 days.

More Toncoin News
Bitcoin: BTC consolidates before a big move

Bitcoin: BTC consolidates before a big move

Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP