{"id":543452,"date":"2023-07-20T07:45:16","date_gmt":"2023-07-20T07:45:16","guid":{"rendered":"https:\/\/wncen.com\/?p=543452"},"modified":"2023-07-20T07:31:07","modified_gmt":"2023-07-20T07:31:07","slug":"cardano-ada-price-action-potential-trend-reversal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardano-ada-price-action-potential-trend-reversal\/","title":{"rendered":"Cardano (ADA) Price Action Points To Potential Trend Reversal"},"content":{"rendered":"

Cardano (ADA) is recently showing signs of a potential trend reversal. But after staging an impressive 48% rally from its low in June, the ADA price faces crucial hurdles to solidify its bullish stance.<\/p>\n

Cardano (ADA) Price Analysis<\/h2>\n

Cardano enthusiasts have had their patience tested as the ADA price navigated through a series of ups and downs. Following a dip to $0.221 in June, Cardano embarked on an impressive 48% rally, fueled in part by positive sentiment stemming from the Ripple legal dispute with the SEC. During this period, the price surged to the 61.8% Fibonacci retracement level, sparking excitement among the bulls.<\/p>\n

However, enthusiasm soon waned as the buy side struggled to stabilize above the 200-day EMA (blue). ADA subsequently corrected back to the crucial breakout level at $0.30, where the bulls regained their footing and lifted the price above the EMA50 (orange).<\/p>\n

\"Cardano
Cardano trend reversal is pending | Source: ADAUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Bullish\u00a0ADA Price Targets<\/h2>\n

For the short-term outlook to brighten further, ADA needs to overcome some important hurdles. The first key resistance is at the 38.2% Fibonacci retracement level, sitting at $0.328. A successful push beyond this level could open the path for an attack towards the $0.355 mark, where the 200-day EMA poses its most significant challenge.<\/p>\n

Related Reading: Cardano Bulls Reclaim Control As ADA Rallies 28%<\/a><\/div>\n

However, an impulse from the broader crypto market, Bitcoin or also more positive news from the Ripple legal battle with the SEC is probably required for this. Only when the buy side can recapture the 200-day EMA on the daily closing price, the probability for a near-term trend reversal increases significantly.<\/p>\n

A sustained break of the 61.8% Fibonacci retracement level at $0.38 is essential for a true bullish trend reversal. This milestone would increase the probability of revisiting the previous week’s high. For this, a breakout above the critical zone between $0.361 and $0.38 would be a trend reversal for the bulls.<\/p>\n

If successful, the ADA price could eye the local high of $0.399. Then, the next target becomes the 78.6% Fibonacci retracement level at $0.415. Here, the fate of Cardano’s upward trajectory will be decided, with a potential push towards the April 15 annual high of $0.463. However, prudent investors should be prepared to take profits if ADA approaches this level.<\/p>\n

Related Reading: Cardano Development Activity Dropping \u2013 What Does It Mean For ADA Price?<\/a><\/div>\n

Beyond this point, an ongoing bullish scenario opens up possibilities to target the local high of September 10, 2022, at $0.524. And if the bullish momentum remains robust, the high of August 2022 at $0.590 could become the next objective.<\/p>\n

Bearish Price Targets<\/h2>\n

While the upward trend is evident, a sustainable market structure change is not yet confirmed. The bears showed their presence on July 15, holding the ADA price below the “bear market line” represented by the 200-day EMA. However, the recent 21% correction saw the buy side reclaim control, at least for the time being.<\/p>\n

To initiate another sell-off, the bears need a daily close below the 50-day EMA at $0.311. Until that happens, the bulls can feel relatively secure in their position. A failure to do so may lead to a retest of the support zone between $0.30 and the 23.6% Fibonacci retracement at $0.296, with further correction potential towards the $0.266 support area.<\/p>\n

The Relative Strength Index (RSI) initially surged to 72 but has since settled into the neutral zone at 54. Generating a fresh buy signal will be crucial for a massive price increase, as an overheated RSI typically accompanies substantial rallies. On a positive note, the MACD indicator triggered a new long signal by crossing above the 0-line, adding to the short-term optimism.<\/p>\n

Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Cardano (ADA) is recently showing signs of a potential trend reversal. But after staging an impressive 48% rally from its low in June, the ADA price faces crucial hurdles to solidify its bullish stance. Cardano (ADA) Price Analysis Cardano enthusiasts have had their patience tested as the ADA price navigated through a series of ups and downs. Following a dip to $0.221 in June, Cardano embarked on an impressive 48% rally, fueled in part by positive sentiment stemming from the Ripple legal dispute with the SEC. During this period, the price surged to the 61.8% Fibonacci retracement level, sparking excitement among the bulls. However, enthusiasm soon waned as the buy side struggled to stabilize above the 200-day EMA (blue). ADA subsequently corrected back to the crucial breakout level at $0.30, where the bulls regained their footing and lifted the price above the EMA50 (orange). Bullish\u00a0ADA Price Targets For the short-term outlook to brighten further, ADA needs to overcome some important hurdles. The first key resistance is at the 38.2% Fibonacci retracement level, sitting at $0.328. A successful push beyond this level could open the path for an attack towards the $0.355 mark, where the 200-day EMA poses its most significant challenge. Related Reading: Cardano Bulls Reclaim Control As ADA Rallies 28% However, an impulse from the broader crypto market, Bitcoin or also more positive news from the Ripple legal battle with the SEC is probably required for this. Only when the buy side can recapture the 200-day EMA on the daily closing price, the probability for a near-term trend reversal increases significantly. A sustained break of the 61.8% Fibonacci retracement level at $0.38 is essential for a true bullish trend reversal. This milestone would increase the probability of revisiting the previous week’s high. For this, a breakout above the critical zone between $0.361 and $0.38 would be a trend reversal for the bulls. If successful, the ADA price could eye the local high of $0.399. Then, the next target becomes the 78.6% Fibonacci retracement level at $0.415. Here, the fate of Cardano’s upward trajectory will be decided, with a potential push towards the April 15 annual high of $0.463. However, prudent investors should be prepared to take profits if ADA approaches this level. Related Reading: Cardano Development Activity Dropping \u2013 What Does It Mean For ADA Price? Beyond this point, an ongoing bullish scenario opens up possibilities to target the local high of September 10, 2022, at $0.524. And if the bullish momentum remains robust, the high of August 2022 at $0.590 could become the next objective. Bearish Price Targets While the upward trend is evident, a sustainable market structure change is not yet confirmed. The bears showed their presence on July 15, holding the ADA price below the “bear market line” represented by the 200-day EMA. However, the recent 21% correction saw the buy side reclaim control, at least for the time being. To initiate another sell-off, the bears need a daily close below the 50-day EMA at $0.311. Until that happens, the bulls can feel relatively secure in their position. A failure to do so may lead to a retest of the support zone between $0.30 and the 23.6% Fibonacci retracement at $0.296, with further correction potential towards the $0.266 support area. The Relative Strength Index (RSI) initially surged to 72 but has since settled into the neutral zone at 54. Generating a fresh buy signal will be crucial for a massive price increase, as an overheated RSI typically accompanies substantial rallies. On a positive note, the MACD indicator triggered a new long signal by crossing above the 0-line, adding to the short-term optimism. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":543453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,14643,12332],"class_list":["post-543452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-adausd","tag-cardano"],"acf":[],"yoast_head":"\nCardano (ADA) Price Action Points To Potential Trend Reversal<\/title>\n<meta name=\"description\" content=\"Cardano is recently showing signs of a potential trend reversal. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano (ADA) Price Action Points To Potential Trend Reversal","url":"http:\/\/wncen.com\/news\/cardano\/cardano-ada-price-action-potential-trend-reversal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cardano\/cardano-ada-price-action-potential-trend-reversal\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1432090949-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1432090949-1.jpg?fit=2291%2C1309"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","adausd","cardano"],"dateCreated":"2023-07-20T07:45:16Z","datePublished":"2023-07-20T07:45:16Z","dateModified":"2023-07-20T07:45:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano (ADA) Price Action Points To Potential Trend Reversal\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-ada-price-action-potential-trend-reversal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-ada-price-action-potential-trend-reversal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1432090949-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1432090949-1.jpg?fit=2291%2C1309\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"adausd\",\"cardano\"],\"dateCreated\":\"2023-07-20T07:45:16Z\",\"datePublished\":\"2023-07-20T07:45:16Z\",\"dateModified\":\"2023-07-20T07:45:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1432090949-1.jpg?fit=2291%2C1309","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=543452"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/543453"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=543452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=543452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=543452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}