Cardano (ADA) extended a recovery rally from the $0.9270 support level this past week against the U.S. Dollar (USD) and Bitcoin (BTC). The crypto coin is up more than 30% from the recent low of $0.8268 and is consolidating towards the $1.0000 mark. The current price action suggests that the market may revisit the $1.0000 handle before the end of this week. The bulls may have to settle for a range in the short term before resuming the upside towards the $1.1000 and $1.2000 levels.

This morning, it was business as usual for the cryptocurrency market, as the prices of the coins in the top 10 capitalization lost ground, yet they managed to stay above their crucial supports. Take for instance, the Cardano which is down by less than a dollar, although it is still holding its $1 support. The rest of the cryptocurrency market is trading in the red as well, with Ethereum leading the way, down by more than 3%.

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Summary of the situation

  •  The price is up $1.4 for the fourth consecutive day after falling $1.5 on the 19th. May had fallen
  • ADA is trading at only 22% against BTC.
  • If bitcoin recovers, Cardano will also rise and surpass its all-time high of $2.48.

Cardano price forecast: Price Overview

Another bearish day for Cardano(ADA) with the Relative Strength Index pointing to negative territory. The price is trading near $1.4 for the fourth consecutive day, having reached $1.5 on the 19th. May had fallen. Buyers are willing to buy the dip, but this will only last until the price drops below the critical $1 support. And if that happens, the downtrend line could be a strong resistance that would prevent price from rising in the short term. A rising trend line appears to be forming on the 4-hour chart after a rally from $1.06 to $1.42 per ounce. Most cryptocurrencies succumbed to bearish weakness on Wednesday, with Cardano(ADA) remaining one of the few coins to show signs of strength.  The currency is down $2.00, but that drop is not that big compared to what is happening in other markets. In fact, the coin has significantly increased its trading volume and pushed the Binance coin out of the top 5 most traded cryptocurrencies.  In fact, ADA is only worth 22% of bitcoin, and that’s its strength. ADA traded in an intraday range from a low of $1.06 to a high of $1.485. The percentage of positive increase is 37%. Profit taking appeared on the daily chart around the critical $1 support level, but had little impact on the technicals.

Cardano price movement in the last 24 hours

The bulls vigorously defended support at the $1 level, securing market support to avoid further declines in the coming week. The price has bounced back from a correction below $0.95 on Friday, but the altcoin is poised for an uptrend. This is particularly evident in the flattening of the curve towards the 50-day simple moving average at $1.44. The bulls should continue to strengthen the technicals and support price at $1.5. Unless they want the bears to regain control and aim for a drop to the 200-day exponential moving average at $0.77. When this happens, bulls should receive additional support from the broader market to retest critical support. (Source: Tradeview)

Cardano price movement in the 4-hour chart

The 4-hour chart is bullish and shows a steady upward trend. At the time of writing, ADA is trading at $1.48. Trader and analyst Benjamin Cowan, however, believes Cardano’s upward trend is largely dependent on bitcoin’s recovery. If bitcoin recovers, Cardano will also rise and surpass its all-time high of $2.48. (Source: Tradeview) Cardano defends the $1 crucial support and extends a recovery trendline

Cardano price forecast: Supplement

In a prevailing bear market, traders should opt for the fundamentals and long-term history of the altcoin. Panic will only lead to bad decisions, such as leaving positions for fear of losses. Cardano, for example, is on the verge of mass adoption, and Blockchain is yet to unlock high scalability and performance features. In the long run, Cardano (ADA) will break out of the bear market and bring profits to traders who remain loyal. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.This week, the value of Cardano (ADA) has been showing signs of recovery after a sharp decline in value. As we have reported in previous articles, the decline was triggered by the recent collapse of the cryptocurrency market, which took place on Sept. 14. After that, Cardano’s price dropped to a low of $0.13, which is a 75% decline. (The chart below shows the price of Cardano over the last week).. Read more about cardano price prediction for today and tomorrow and week and years and let us know what you think.

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