In a notable divergence from the broader cryptocurrency market, Cardano (ADA) has faced challenges in capitalizing on the recent bullish sentiment triggered by the Federal Reserve’s decision to reduce interest rates by 0.50% earlier this week.
The major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and others have experienced gains of more than 5% over the same period. ADA Current price of $0.3517 represents a decline of 2% over the past seven days.
Buy Signals For Cardano
Despite these short-term setbacks, analysts remain optimistic about Cardano’s future price trajectory. Trend Rider has been a leading technical analyst for many years. highlighted a significant development on ADA’s one-week chart: the ADA Oscillator Wave has turned green for the first time in 46 weeks.
Trend Rider invests in ADA personally at the current price because this indicator signals a bullish reversal. The key level of support is at $0.3150, just beneath the current price.
Look ahead with Trend Rider believes ADA could test a $0.400 resistance level, representing a 13% rise in its trading price. A move like this could set the stage for an upwards trend that would push Cardano to long-term support levels at $0.460 and 0.480.
Jesse Olson is another analyst who has expressed similar views. bullish outlook Cardano is awaiting a buy signal, after its token has established a new low.
Olson identified price targets which could be achieved if a buy signal is received. He says that ADA’s first target could be $0.4500. This would then lead to targets at $0.550. Finally, ADA will surpass $0.620. A long-term objective is for ADA to hit $0.650 before the year ends.
Supports to Watch for ADA
These bullish predictions For both analysts of the Cardano Token, it is important that critical levels hold in order to minimize potential corrections. A critical support is currently located at $0.3445. It has helped stabilize the token for the past seven days, and it’s essential that the upward trend continues in the future.
If the support of $0.3445 is breached, next This week, the region of $0.3296 is an important target. lower price point For ADA. If ADA drops to this level, it would be a sign of weakened bullishness and may trigger more selling pressure.
If the bears keep growing stronger, it could get worse. The next The major support is $0.3150. This would indicate a fall of more than 10% in current prices. This is a critical level as it’s acted as an important support. strong defense ADA is a key indicator of a longer-lasting downtrend.
Another important support level can be found at $0.3035. This threshold was instrumental in preventing ADA’s price from dropping below $0.300 at the beginning of the recent market crash on August 24, 2018. In this period the price had fallen to its lowest level in a month, underlining how crucial it was to keep up with that support.
Featured Image from DALL E, Chart by TradingView.com
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Source: www.newsbtc.com