Flow

Cardano

Rally

<p>Cardano (ADA) is highly volatile, as analysts have predicted that it could fall in the short-term and rise in the long term. </p> 
<p>A crypto analyst Kenshiyesreel, has taken a short position on ADA, which aims to pull the price back towards the $0.45-$0.50 region for accumulation.</p> 
<p>However, other technical indicators like the Golden Cross suggest that ADA could continue with its bullish run if it stays above critical support levels.</p> 
<h2 class="wp-block-heading" id="h-short-term-correction-for-long-term-gains"><strong>Short-Term Correction for Long-Term Gains</strong></h2> 
<p>Kenshiyesreel’s analysis is about the current price action of ADA with a completed “falling wedge” pattern implying a reversal up.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I've shorted <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> at this price with a target of $0.45-$0.50 to accumulate more on spot <a href="https://t.co/F4EBVB7x1N">https://t.co/F4EBVB7x1N</a> <a href="https://t.co/WZf1ZlZucM">pic.twitter.com/WZf1ZlZucM</a></p>— Yesreel (@kenshiyesreel) <a href="https://twitter.com/kenshiyesreel/status/1857313684969906267?ref_src=twsrc%5Etfw">November 15, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>He also suggests that there can be a short-term dip, which will provide the ideal entry point for purchase at between $0.45 and $0.50, and an ADA may experience selling pressure. The analyst also set a target of $1.2 if the upward trend continues after a pullback.</p> 
<h2 class="wp-block-heading" id="h-daily-chart-highlights-bullish-indicators-amid-buying-pressure"><strong>Daily Chart Highlights Bullish Indicators Amid Buying Pressure</strong></h2> 
<p>In the daily chart pattern analysis, recent formation of the golden cross, where the short-term moving average crossed above the long-term moving average, also portrays a bullish pattern.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="599" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-451-1024x599.png" alt="" class="wp-image-837232" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-451-1024x599.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-451-300x176.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-451-768x450.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-451-150x88.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-451-696x407.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-451-1068x625.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-451.png 1341w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   1-day ADA trading chart|source Tradingview
  </figcaption>
 </figure>
</div> 
<p><a href="https://www.thecoinrepublic.com/price-prediction/cardano/">ADA’s price</a> surged to a high of $0.63 then retraced to $0.5947 and traded above both the 9-day and 21-MA. Possible support levels are around $0.5464 and $0.4663 if the price turns bearish.</p> 
<p>The Money Flow Index (MFI) is 69.66, indicating the markets are bullish but the index is getting close to being overbought. When the MFI reaches 70, it could indicate a bearish reversal if buying pressure drops.</p> 
<p>The balance between buying strength and overbought risk indicates that ADA may experience short-term volatility, while long-term indicators still suggest a positive outlook.</p> 
<h2 class="wp-block-heading" id="h-ada-s-key-support-levels-and-potential-for-bullish-breakout"><strong>ADA’s Key Support Levels and Potential for Bullish Breakout</strong></h2> 
<p>In case ADA support holds above $0.5464 it might propel to break the recent high of $0.63 up to the $0.70 resistance level.</p> 
<p>Prices above $0.63 could drive the price higher, supporting the medium-term bullish outlook.&nbsp; However, if ADA loses support around $0.5464, a drop to the 21-day moving average at $0.4663 could occur, signaling a deeper retracement.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="568" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-452-1024x568.png" alt="" class="wp-image-837237" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-452-1024x568.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-452-300x166.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-452-768x426.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-452-150x83.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-452-696x386.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-452-1068x592.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-452.png 1456w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   ADA chart|source Tradingview
  </figcaption>
 </figure>
</div> 
<p>Additional evidence from the analyst chart shows that Fibonacci retracement levels of 50% and 61.8% support these zones as buy levels.</p> 
<p>Kenshiyesreel’s short position and $0.45-$0.50 accumulation target fit within these retracement levels, indicating that this price area could attract buying interest.</p> 
<p>Analyst Ali also shared his predictions about ADA price. According to the analyst Cardano has the potential to hit a price of $6 by July-September next year, 2025.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/17/cardano-ada-may-dip-before-potential-rally-to-1-20/">Cardano (ADA) May Dip Before Potential Rally To $1.20</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Cardano (ADA) May Dip Before Potential Rally To $1.20

Table of Contents

Thecoinrepublic.com

Other articles published on Nov 18, 2024

Binance Set to List Six New USDC Trading Pairs, Here Are Crypto Tickers

Bit Digital’s Q3 revenue jumps 96% amid HPC strength

Solana Price Could Hit $500 By End 2024: Here’s Why

Cardano Price Surge Sparks Market Speculation

🌟Blynex Crypto Exchange Just Leveled Up!

Spot Bitcoin ETFs hit $1.7B weekly inflows, marking six-week streak

Join our free newsletter for daily crypto updates!