Cardano Price Prediction, Key question: Will it break the 200-day EMA

Cardano price could surge if it breaks the $0.3050 resistance

Amid the broader market surge to new heights, ADA coin's price is soaring, reclaiming important psychological levels. The Cardano price trend is displaying bullish momentum thanks to a breakout from a triangle pattern, while Bitcoin remains strong at $34K. Fueled by a double bottom pattern and a generally positive market sentiment, ADA's price has made a strong recovery over the past two weeks. Starting from a low of $0.24 on October 19th, the coin has surged by 25% to reach its current trading price of $0.3000.

Technical View:

According to Coingabbar Price Analysis, Cardano recently climbed past $0.290, in line with Bitcoin's uptrend. Breaking the $0.3050 resistance could trigger a significant rally. However, ADA faces difficulty surpassing the 200-day EMA around $0.3040, suggesting strong overhead supply with long-wick rejections on daily candles. Although the short-term ADA outlook seems positive, breaking both the 200-day MA and the psychological $0.30 level is crucial. Historical data indicates that retests of this level often lead to notable price corrections. Therefore, any signs of rejection at this level could initiate a new correction phase for Cardano.

KEY LEVELS :

RESISTANCE LEVEL : $0.3060-$0.3200

SUPPORT LEVEL : $0.2900-$0.2800

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.