Cardano Price Analysis: Guarding The $0.25 Gates, Will Buyers Avoid ADA Price Crashing Under?

The post Cardano Price Analysis: Guarding The $0.25 Gates, Will Buyers Avoid ADA Price Crashing Under? appeared first on Coinpedia Fintech News

Losing the recent challenge to the resistance trendline, the ADA price drops back to the $0.25 level for the third time in the past two weeks. While the 50 EMA breakout did promise a prolonged uptrend, the extensive selling at the overhead trendline was a battle between David and Goliath. 

Nevertheless, being a belt of bounce-backs, the buyers line up at the $0.25 zone, leading to a lower price rejection with a minor recovery. 

Projecting the downtrend continues below the $0.25 demand belt; the trend-based Fibonacci retracement will help find the upcoming support levels. As per the Fibonacci tool, the next key support levels are at $0.22 and $0.20.

Currently, the ADA price trades at $0.256 with a 1.18% intraday growth as it bounces from the $0.25 demand block. 

Will Cardano Find A Bounceback in 2023?

With the overall market conditions gloomy, the chances of a bullish comeback in Cardano seem minimal. However, the SEC deciding on the Bitcoin ETF approval this Friday can be the bullish catalyst necessary for ADA prices to break the resistance trendline. 

Moreover, the RSI indicator displays a strong bullish divergence in the daily chart, signaling a bullish revival soon. 

If things go well, the trendline breakout rally could push the ADA price up to $0.35 at least, maybe even $0.45. But if it falls below $0.25, that could put a lot of selling pressure on Cardano, and it could drop to $0.229.