- ADA price has broken above the 20-day EMA and reached the lower high zone.
- Cardano Crypto ranks 11th in the cryptocurrency market in terms of market capitalization.
The ADA Award has been bullish since October 2024 and has secured 200% until March 20024. The bullish trend in Cardano crypto was stopped near the $0.800 hurdle. After a 2-week struggle at the top, buyers lost momentum and experienced selling pressure.
Since March, the ADA Crypto The price is down 50% and is trading below the key moving averages. The digital asset price has been declining in the form of lower lows and lower highs.
After forming a lower low, the price has extended to the lower high zone by crossing the 20-day EMA. After a consolidation of 2 weeks, the ADA The price has increased by 17% weekly.
Could ADA price trigger a positive breakout?
A source on X claimed that the ADA price will skyrocket shortly after the breakout. Based on the technical chart, the price has fallen through a falling channel.
$ADA Falling channel!
This formation for #ADA could potentially see a bullish break next week
If #Cardano breaks the upper resistance, we could see the $0.55 mark soon after pic.twitter.com/5IPUOU0ZrZ
— Crypto Yapper (@CryptoYapper) 25 August 2024
If the price breaks out of this channel, it is expected to reach the $0.55 mark in a few days.
Cardano Price Overview
Cardano Crypto was trading at $0.380 at press time, down 3.30% in the last 24 hours. Its market cap is $13.70 billion and its 24-hour trading volume is $292.24 million.
There is a circulating supply of 35,954,055,411 ADA; the total supply is 37,157,110,715 ADA. The maximum supply is 45,000,000,000 ADA. The circulating supply was $17.14 billion at the time of writing.
Technical analysis of ADA price over a 1-day period
After the bearish trend, the price stalled near the $0.320 level and showed bullish signs. The $0.2400 hurdle would be a key support level for buyers to stay in the game and continue dominating.
As we can see, ADA Award has broken the 20-day EMA and is heading towards the 200-day EMA. Strong buying momentum can be expected if the price of the digital asset manages to break above the 200-day EMA. Provided the trading volume increases at the time of the breakout, the price could remain bullish for an extended period.
Alternatively, sellers could continue to dominate if the price breaks below the 20-day EMA. A bearish candle in this area would be a sell signal, and sellers could be eyeing a new low zone.
As for the technical indicators, the price has broken above the 20-day EMA and is aiming towards the 200-day EMA. The RSI has quickly recovered from the oversold zone and is moving towards the overbought zone.
Cardano Price Prediction
The ADA Award has been on a bearish trend since March with a 50% price decline. Given the recent move above the 20-day EMA into the lower high zone, there is hope for bullish momentum following a possible breakout.
Cardano Crypto is currently ranked 11th in the cryptocurrency market in terms of market capitalization.
The digital asset price faced resistance near the $0.800 level, resulting in a 50% decline and a struggle below the key moving averages. However, there is potential for a positive breakout.
This could push the price to $0.55, especially if it breaks above the 200-day EMA amid strong buying momentum.
Disclaimer
This article is for informational purposes only and does not constitute financial, investment or other advice. The author or anyone mentioned in this article is not responsible for any financial loss that may arise from investing or trading. Please do your own research before making any financial decisions.
