Cardano Tests $0.51 Support – Can ADA Reach Safe Zone And Hit $0.67?

Christian Encila

1 year ago

2 mins read

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Cardano spikes by 5% as seen on the daily price chart
Bulls likely to touch bullish triangle from $0.67 to $0.69
ADA at risk of retreating to $0.50

Cardano (ADA) price is looking straightforward bullish today bouncing back from yesterday’s dip. However, the price isn’t completely out of risk. ADA plunged to roughly $0.5067 yesterday and then increased to more than 5% shooting to $0.5401 today.

ADA Price Spikes By 5.41%

According to CoinMarketCap, ADA price has spiked by 5.41% or $0.5394 as of this writing. Cardano’s price is largely influenced by July’s US CPI data which could stir volatility in the crypto market.

Bulls are eyeing the ascending triangle circling around the range of $0.67 to $0.69 with the possibility of a slump right under the support line of $0.51.

With the major cryptocurrencies registering remarkable gains, Cardano and other altcoins are also showing an upward trend. Bitcoin has surged by 2% reaching $23,600 while Ethereum pumped its price by 8% or to $1,800.

Notably, DOGE also rose to $0.07, and XRP spiked by 3% or $0.37 in the same way as SOL pumped price by 3%.

The 34-hour chart for ADA price shows that it was able to come back strong from its downturn yesterday. But, its current price remains to hover above the 21-day EMA that offers support at $0.5080.

Judging by the 24-hour chart, ADA is seen to ride by the buying action hoisted by an uptrend that’s been happening since July. ADA price has recently formed an ascending triangle pattern with a breach seen at $0.55 that could jump near the resistance zone from $0.67 to $0.69.

Cardano Trading Volume Surges By 17%

In addition, the 24-hour RSI is seen to surge to 56.7 following amplified buying activity. Trading volume has also increased by 17% seen in the past 24 hours. More so, the MACD curve shows a bearish divergence. A downtrend can bring the ADA price spiraling down to $0.50 and also creeping into the 50DMA spotted at $0.48.

Cardano is showing a bullish movement targeting $1.00. Cardano price may explode and increase making it extremely profitable for traders. Cardano price was observed to be rocky since May 2022 but the so-called Ethereum killer may have turned the tables around this July.

From a technical standpoint, a breaking point at $0.56 could trigger a profitable point for ADA price to make 100% profit closing down to $1.00. A crypto bull run may be induced with FOMO shooting for $1.25.

ADA total market cap at $18 billion on the daily chart | Source: TradingView.com

Featured image from Coinpedia, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.