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Cardano (ADA) Price Trend Might Be Decided as Bulls Await Breakout

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Tue, 28/11/2023 - 12:20
Cardano (ADA) Price Trend Might Be Decided as Bulls Await Breakout
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Cardano (ADA), the eighth largest cryptocurrency by market capitalization, is giving mixed signals across multiple timeframes, including the four-hour and weekly charts.

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According to Ali, the TD Sequential presents a buy signal on the four-hour chart, indicating that another rebound might be on the way.

Meanwhile, on the ADA weekly chart, the same TD sequential indicator showed a sell signal. In this case, losing the $0.37 level as support could cause a drop to $0.34 or $0.33. ADA, on the other hand, must close over $0.40 to advance toward $0.46.

Cardano was seeing a drop in value at the time of writing, mirroring wider crypto market declines. Cardano is currently trading at $0.3735, down 2.86%.

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As bulls stay in limbo awaiting the next major move, the next price direction remains crucial. To confirm the direction of the ADA trend, Ali urges ADA traders to pay attention to the four-hour candlestick just above the $0.396 resistance or below the 100-EMA near $0.35 to confirm the direction of the ADA trend.

ADA sits in demand zone

Cardano was unable to break through the $0.40 barrier, which could have enticed short-term traders to take winnings.

Cardano is currently trading in a major demand zone between $0.37 and $0.38, with 166,470 wallets acquiring 4.88 billion ADA. According to Ali, staying above this zone might open the way for ADA to set new yearly highs.

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Cardano (ADA) Might Risk 12% Declines If This Signal Is Validated

If the current falls continue, ADA may fall to $0.37, the lower end of the demand zone, which might attract buyers. If the price bounces off this level with force, the bulls might next make one more attempt to surpass the $0.40 barrier. If they are successful, ADA might reach $0.46.

On the other hand, if the $0.37 level is lost, ADA might fall to $0.34. Buyers should keep an eye on this level because, if the price goes below it, the daily MA 50 at $0.32 may come into play.

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