Cardano price could rise 30% as crypto markets take to a revival course

Source Fxstreet
  • Cardano price action has consolidated into a descending triangle, but a reversal seems likely.
  • ADA could make a 30% climb if it manages a break and close above $0.5410.
  • A break and close below 0.4668 would invalidate the bullish thesis. 

Cardano (ADA) price continues to consolidate below a descending trendline, a bearish technical formation that extended the choppy altcoin market. However, this outcool appears to be changing as cryptocurrency markets take to what appears to be a revival course. 

Also Read: Cardano price could rise 15% as shark and whale wallets resurface

Cardano could bottom out around now

Cardano (ADA) price downtrend has lasted since mid-December, falling around 30%. The price may have bottomed out as the altcoin confronts the blockade. Increased buying pressure could see ADA price overcome the trendline to confront the resistance confluence between the 50-day Simple Moving Average (SMA) and the horizontal line at $0.5419.  

Key levels to watch beyond this level include the $0.5908 roadblock, 10% above current levels, or  high at $0.6412. In a highly bullish case, the gains could see the Cardano price complete the 30% climb to $0.6800.  

ADA/USDT 1-day chart

On the other hand, a rejection from the descending trendline could see ADA price continue below the foothold of the trendline, potentially testing the $0.4668 bottom, nearly 10% below current levels. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: Gold Poised to Break $4,200 as Oil Price Slump Eases Inflation FearsAs of the Asian session on July 27, gold prices ( XAUUSD) opened with a strong gap up today and maintained its upward momentum intraday, briefly breaking through $4,100 during the session
Author  TradingKey
14 hours ago
As of the Asian session on July 27, gold prices ( XAUUSD) opened with a strong gap up today and maintained its upward momentum intraday, briefly breaking through $4,100 during the session
placeholder
Middle East War updates: US-Iran pause strikes as Trump weighs up diplomatic optionsHere’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.
Author  FXStreet
22 hours ago
Here’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.
placeholder
Gold Price Forecast: Oil Price Breaking $100 Fuels Inflation Concerns, Will Gold Prices Fall Further?As of the Asian session on July 24, gold prices ( XAUUSD) fell continuously during intraday trading, briefly approaching the $4,000 mark. Looking at the chart, gold prices rebounded this
Author  TradingKey
Jul 24, Fri
As of the Asian session on July 24, gold prices ( XAUUSD) fell continuously during intraday trading, briefly approaching the $4,000 mark. Looking at the chart, gold prices rebounded this
placeholder
Crude Oil Price Forecast: Middle East Tensions Push Up Oil Prices, Can They Still Rise After Breaking $100? Affected by the continuous escalation of geopolitical tensions in the Middle East, Brent crude ( UKOIL) broke back above the psychological $100-per-barrel threshold after two months, as m
Author  TradingKey
Jul 24, Fri
Affected by the continuous escalation of geopolitical tensions in the Middle East, Brent crude ( UKOIL) broke back above the psychological $100-per-barrel threshold after two months, as m
placeholder
Today’s Market Recap: Oil Breaks $100, Fueling Inflation Fears, as AI Capex Faces Scrutiny and Tesla’s 14% Plunge Drags Down Tech SectorTracking the Market TrendTradingKey - The market was hit by a double whammy of soaring oil prices and doubts about the return on AI investments sparked by increased capital expenditures at Google(GOOG
Author  TradingKey
Jul 24, Fri
Tracking the Market TrendTradingKey - The market was hit by a double whammy of soaring oil prices and doubts about the return on AI investments sparked by increased capital expenditures at Google(GOOG
Related Instrument
goTop
quote