- ADA price seems to gain strength for the next upside.
- Price has steadied beyond $0.38 before dipping into a sideways setup.
- Downward corrections to $0.35 might materialize if Cardano losses the floor at $0.40.
Cardano’s price outlook is neither bearish nor bullish today, as the altcoin dipped into a sideways pattern near the $0.40 area. ADA bulls may regain strength for the next surge, and ADA can test the immediate resistance at $0.42.
Nevertheless, a drop toward the $0.38 foothold might catalyze further market interest loss. The current support area has offered a massive territory in January 2021 and May 2018. Both cases trigged ADA price breakouts.
For that reason, bulls would watch for pivots near this level to target the nearest resistance of $0.42. The broad crypto market presented mixed signals within the previous day, with Bitcoin trending sideways, like ADA, near the value area at $20,500. ETH lost 1% to hit $1.6K while leading alts presented steady upsides.
Cardano Beyond Crucial MAs as Price Hits Bottom
The 24hr candle chart shows Cardano price printing a bottom near $0.40 with support at around $0.38. Also, the previous day saw declining trading volume, suggesting weak bullish actions. Nevertheless, the price might test the hurdle at $0.42 as the daily RSI (Relative Strength Index) displays a positive bias at 53.85. Nonetheless, a drop beneath $0.35 would cancel ADA’s bullish outlook.
ADA price remains beyond the critical 9 & 21-day MAs, and the 50d EMA at $0.39. Also, the 24hr MACD (Moving Average Convergence Divergence) displays bullishness, though it might form a lower peak soon that might suggest potential reversals amid continued trends.
Indeed, ADA price appears stuck at $0.38 – $0.42, and overcoming this price range might trigger new volumes to push further. A decisive move past the $0.42 hurdle might open the path toward the $0.5 bullish target in November.
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