Cardano Price Forecast as Bulls Maintain $0.30, Is It Time for a Rally Now?
Cardano price is on the cusp of a bullish breakout in the wake of a week filled with negative headlines related to the FTX scandal. The industry's ninth-largest cryptocurrency endured declines, testing lower price levels around $0.31.
If buyers can maintain the price for a few days, a recovery to $0.4400 will likely begin to take shape.
The co-founder of Cardano, Charles Hoskinson, has once again fired shots at people who keep questioning the progress of the Cardano ecosystem. The developer and CEO of Input-Output Hong Kong, the organization tasked with the blockchain's maintenance and development, responded to a Twitter post directed to him for underpromising and under-delivering.
It is worth mentioning that Cardano has now launched smart contract functionality and accrued millions of dollars in total value locked on its blockchain.
Cardano price is up a subtle 1.2% on the day after printing a bullish candle in the four-hour chart. Higher support at $0.3300 is expected to come in handy as ADA climbs north of its primary support at $0.3000.
The Stochastic oscillator's movement from the oversold area (below 30.00) above the midline reinforces bulls' growing influence on the price. Its positive divergence from the price suggests that buyers have the upper hand and are ready to thrust higher up on the ladder.
The bullish outlook in Cardano may continue uninterrupted owing to a buy signal recently provided by the Moving Average Convergence Divergence (MACD) indicator. Traders ready to trigger long positions in ADA must wait for a four-hour candlestick to close above the descending trend line at $0.3300. Potential take-profit targets to the upside lie at $0.3700, $0.4100, and $0.4400, respectively.
From the above analysis, Cardano
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