Post by
cryptoalerts on Oct 22, 2024 7:29am
Can Cardano ADA Price REALLY Recover from This?
Cardano’s ADA saw an impressive upward trend recently, but Bitcoin’s recent decline pulled ADA back down. In today’s analysis, we’ll explore the technical aspects and potential price movements for ADA, along with an
ADA price prediction.
Recent Price Movement: ADA peaked between $0.3712 and $0.3780 on October 15, hitting a high of $0.3711. However, it faced a strong sell-off afterward.
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Key Resistance: The $0.3712 zone is crucial, acting as a significant resistance point where sellers emerged.
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Current Trends: After this downturn, ADA is approaching the 200 EMA, which has served as support. However, the steep drop indicates a determined sell-off, raising concerns about potential further declines.
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Short-Term Targets: We anticipate a slight dip to around $0.3601 to $0.3588 before any upward movement. A break above $0.3721 would signal bullish momentum, while falling below $0.3531 could prompt further selling pressure.
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Long Position Strategy: A potential entry point for a long position could be around $0.361, with a stop-loss at $0.3584 and a target of $0.3662, aiming for a favorable risk-reward ratio.
Overall, while ADA shows potential for recovery, traders should remain cautious and closely monitor market conditions for a more accurate ADA price prediction.
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