Sohrab Khawas
Deep into the correction phase, the ADA price fails to hold the 883% gain in early 2023 as the pullback crashes the altcoin. With just 6.50% year-to-date growth in 2023, Cardano plans to reclaim the bullish momentum with a reversal from $0.24.
With the reversal giving a breakout entry in Cardano, the chances of altcoin reaching $1 as per Cardano price prediction seems probable.
The buyers are preparing to challenge the long-term downtrend in the ADA price as the double bottom reversal at $0.24. Moreover, the uptrend gives the falling wedge breakout in the daily chart, signaling a bullish rally.
The uptrend in Cardano even crosses the 50-day EMA and accounts for a price jump of 7.82% over the last few days. Currently, the altcoin price trades at $0.262 with an intraday gain of 1.16%.
Following the 50-day EMA breakout, the ADA price shows a higher price rejection, leading to the rest of the $0.25 breakout.
Technical indicators:
With the rising momentum, the Cardano price may soon continue the uptrend continuation.
DMI indicator: With the ADX line displaying an uptick, the trend momentum is high. Moreover, the DI lines maintain a positive alignment. Therefore, the indicator shows a rising bullish momentum ready to fuel the ADA price rally.
EMA: As the prices surpass the 50-day EMA, an uptrend continuation will increase the likelihood of a golden crossover.
Will ADA Price Bounce Above 50-Day EMA?
With the buyers ready to overtake trend control, the ADA price might sustain above the 50-day EMA. Moreover, the overall improving conditions of the market and the positive ripple effect can drive Cardano prices higher.
In case the ADA price rises above $0.30, the market value can rise as high as $0.356 by the end of this month.
On the flip side, a fall below the $0.25 zone will test the $0.24 base level.
