Based

Cardano

bullish

2024

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<p>Reclaiming the spot of 10th biggest cryptocurrency in the world, Cardano hits a market cap of $12.56 billion. The achievement comes with a 5.24% jump in the past 24 hours, as Cardano is currently trading at a price of $0.3591.&nbsp;</p>  
<p>Despite a slowdown in the top cryptocurrencies, as Bitcoin drops 0.12% and Ethereum by 0.40%, Cardano is making a bullish comeback. In the past seven days, it has increased by 8.42%, teasing a high possibility of a consolidation breakout rally. Will this bullish attempt surpass the dynamic resistance of the 200-day EMA? Read this analysis for specifics.</p>  
<h2 class="wp-block-heading" id="h-cardano-stuck-at-50d-ema">Cardano Stuck At 50D EMA?</h2>  
<p>The Cardano price action reveals a falling-wedge breakout rally, failing to surpass the 200-day EMA. The bullish failure leads to a quick drop below the 50-day EMA in early October.&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/02114814/image-7-1024x509.png" alt="Cardano Stuck At 50D EMA?" class="wp-image-375215">
</figure>  
<p>Source - <a href="https://www.tradingview.com/x/z6b1kcnd/" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a></p>  
<p>Since the bullish failure, the lack of momentum keeps the Cardano price under a consolidation range despite the broader market revealing a bullish comeback. Currently, the sideways trend in Cardano extends from the $0.312 support level and the 50-day EMA, acting as the dynamic glass ceiling.&nbsp;</p>  
<p>However, with a 4.69% jump last night, Cardano is making a bullish comeback. The engulfing candle undermines the 3.94% jump a day before and the evening star pattern formed with it. Cardano is currently trading at $0.359 and trying to sustain dominance above the 50-day EMA.&nbsp;</p>  
<h3 class="wp-block-heading" id="h-technical-indicators">Technical Indicators:</h3>  
<p><strong>MACD: </strong>Supporting the bullish comeback, the MACD indicator shows a bullish crossover with a new resurgence of bullish histograms.&nbsp;</p>  
<p><strong>EMA: </strong>Acting as dynamic resistance, the 50-day and 200-day EMA remain declining.</p>  
<h2 class="wp-block-heading" id="h-will-cardano-price-hit-0-67">Will Cardano Price Hit $0.67?</h2>  
<p>Based on the Fibonacci levels, a bullish comeback must surpass the 23.60% Fibonacci level at $0.421 for a sustained recovery in 2024 and 2025. The Cardano price action reveals two major obstacles: the 50-day and 200-day EMA.&nbsp;</p>  
<p>With the consolidation range breakout rally crossing above the 50-day EMA, the 200-day EMA will remain the major breakout spot. If the Cardano price action surpasses the dynamic average line, a bullish upside to 78.60% Fibonacci level at $0.676 is possible. However, minor resistance is present near the $0.50 psychological mark and at the 50% Fibonacci level of $0.544.&nbsp;</p>  
<p>On the downside, the crucial support of $0.312 close to the $0.30 psychological mark will likely hold the price for the rest of November.</p>  
<p>With the increasing bullish expectations, will Cardano reach the $1 mark in 2024? Find out NOW in Coinpedia’s <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Cardano price prediction</a> and subscribe to us for the latest crypto updates.&nbsp;</p>

Why is Cardano Price Up Today?

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