{"id":433045,"date":"2023-08-24T16:47:46","date_gmt":"2023-08-24T16:47:46","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=433045"},"modified":"2023-08-24T16:51:02","modified_gmt":"2023-08-24T16:51:02","slug":"cardano-price-prediction-ada-climbs-by-3-whats-behind-the-momentum","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/cardano-price-prediction-ada-climbs-by-3-whats-behind-the-momentum","title":{"rendered":"Cardano Price Prediction: ADA Climbs by 3% \u2013 What\u2019s Behind the Momentum?"},"content":{"rendered":"

Recently, the cryptocurrency surged past its $0.25 support, initiating a steady ascent within a defined range. In the preceding week, ADA\/USD fluctuated between $0.25 and $0.27, with its present trade standing at $0.26. Despite two attempts, the altcoin encountered resistance at the $0.27 mark, resulting in consecutive rejections.<\/p>\n

The extended candlestick pattern presents a positive aspect by showcasing robust support at lower price levels in the market. This suggests that the cryptocurrency’s downward momentum might be curbed, given that buyers are actively upholding the price floor at around $0.26.<\/p>\n

However, the situation contrasts with Cardano<\/a> (ADA), which is exposed to potential decline due to its current position within a bearish trend zone. The altcoin has previously ventured into oversold territory, which historically has signaled a turnaround when buyer interest is reignited. This could drive ADA’s ascent beyond the resistance at $0.30, possibly surpassing the moving average line, indicating a potential bullish resurgence.<\/p>\n

Analyses of Cardano Indicators<\/h2>\n

After surpassing the Relative Strength Index Level 39 for a 14-period span, Cardano has shown an upward correction. However, it has now transitioned into a downward trend zone following the retracement. Despite this, the altcoin maintains a bullish momentum, trading above the Stochastic daily level of 80. Yet, caution is advised as it flirts with the overbought market territory, potentially signaling a forthcoming decline.<\/p>\n

\"Cardano
Source: Tradingview<\/figcaption><\/figure>\n

Cardano’s next step: What’s next?<\/h2>\n

Following the price surge on August 18, Cardano has settled into a trading range, displaying a notable trend. Within short timeframes, the altcoin successfully breached the moving average thresholds, initiating a retracement above these lines. This upward movement above the moving average holds the potential for sustained growth. Concurrently, the altcoin maintains its position above the established support level, indicating a favorable market sentiment in the interim.<\/p>\n

\"Cardano
Source: Tradingview<\/figcaption><\/figure>\n

Promising Alternative to Cardano (ADA)<\/h2>\n

Sonik Coin<\/a>, a playful meme cryptocurrency, draws inspiration from Sonic the Hedgehog as it races towards a rapid $100 million market valuation. Beyond its quirky origins, Sonik stands out by offering rewards simply for holding onto its coins, adding a unique twist to the world of meme coins.<\/p>\n

The Sonik project introduces an ingenious avenue for generating income through its annual percentage yield (APY), propelling $SONIK towards triumph. Distinguished as the pioneer in cryptocurrency that incentivizes stakes, it charts a unique course to financial success.<\/p>\n

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add speed to your portfolio 💨https:\/\/t.co\/s1fTdXDQCK<\/a> pic.twitter.com\/FHR1Vrl2bT<\/a><\/p>\n

— SONIK COIN (@Sonikcoin) August 23, 2023<\/a><\/p><\/blockquote>\n