ADA Price Received Bullish Push: Has Bearish Trend Came to an End?

• ADA price has stuck in a narrow range on an ascending trendline.
• The 24-hour trading volume has dropped by 14.16% to $249.31 million.
• The Cardano coin price has risen by 22% since its August low.

Cardano (ADA) price has got slow and steady pushes from the lower side. The ADA price has been rising by taking support on an ascending trendline. It has struggled in a narrow range from the beginning of October and held the trendline.

Based on the technical chart, the ADA crypto price has made multiple attempts to overcome the 200-day EMA but couldn’t. It has faced strong rejection from the 200-day EMA every time it tried. It has undergone a consolidation phase in the short term. Check this analysis to learn whether bulls or bears will win the battle.

Why Does the Analyst Predict a Bullish Momentum for ADA Price?

Deezy.eth (@deezy_BTC) is a crypto analyst with over 50K followers. The expert predicted a bullish momentum for Cardano crypto. The RSI has generated a bullish divergence in a 3-day time frame and is expected to blast soon.

Historically, bullish divergences have witnessed good buying momentum, as per this tweet. This time, divergence is strong and has the potential to lift the price to the $1 mark.

Can the ADA Price Reclaim the $1 Mark by Q1 2025?

Cardano crypto was trading at $0.343 at press time, dropping around 1% in an intraday. This coin’s market capitalization was $11.99 billion, and it ranked 11th in the cryptocurrency market.

Recent elevation in the ADA crypto price could invite buyers and may extend to the 200-day EMA. Breakout from the consolidation zone would decide the further momentum.

Suppose the ADA price defends the trendline, it may extend to the 200-day EMA. Once it starts trading over the 200-day EMA, strong buying momentum can be anticipated. Sharp buying can be seen if the chart structure manages to invite buyers after the breakout from the 200-day EMA.

On the other hand, if the digital asset price slips below the trendline, sellers may show interest. The ADA crypto price may melt to the major support level of $0.240 after a breakdown from the trendline. Once it loses this support level, massive selling can be seen and may remain bearish for a long period.

Based on the technical indicators, the RSI has triggered a death crossover with the RSI-based moving average. On a wider frame, the RSI has witnessed continuous elevation, which could be a positive signal. The MACD and the Signal line have reached the Zero line from the negative territory. According to these indicators, buyers are still in control and may lead the trend.

Cardano Price Prediction Based on Technical Chart

ADA price is currently experiencing a period of consolidation along an ascending trendline. It has shown a 22% increase since August’s low. Despite its struggles to break above the 200-day EMA, recent price movements suggest the potential for upward momentum if it can successfully reclaim this key resistance level.

Technical indicators, including the RSI and MACD, hint that buyer strength may prevail in the near term. However, if the ADA crypto fails to hold above the trendline, it could face significant downward pressure, potentially reaching the major support at $0.240.

The upcoming movements will be crucial in determining whether ADA can target the $1 mark by Q1 2025.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.