Cardano (ADA) Price Prediction: ADA Stuck At 50D EMA? Will This Bullish Attempt Surpass the Dynamic Resistance of the 200-day EMA?

ADA's recent gains position it above the 50-day EMA, with the next target being the 200-day EMA for a sustained rally.

Cardano (ADA) has shown recent gains, placing it above the 50-day EMA. The next target for ADA is the 200-day EMA, which could lead to a sustained rally if broken.

Technical indicators like the MACD show a bullish crossover, supporting the current uptrend. Breaking $0.421 (23.60% Fibonacci level) is crucial for further growth.

Cardano's recent gains have helped it reclaim the spot of the 10th biggest cryptocurrency by market capitalization, with a total of $12.56 billion.

Over the past 24 hours, ADA has seen a 5.24% increase, bringing its current trading price to $0.3591.

This bullish comeback comes as the top cryptocurrencies like Bitcoin (drops 0.12%) and Ethereum (drops 0.40%) are showing a slowdown in their recent gains.

Cardano has also seen an 8.42% increase in the past seven days, hinting at the possibility of a consolidation breakout rally.

As we analyze the technicalities, will this bullish attempt surpass the dynamic resistance of the 200-day EMA? Continue reading for specific details.

A closer look at the Cardano price action reveals a falling-wedge breakout rally that failed to cross above the 200-day EMA. This bullish failure led to a quick drop below the 50-day EMA in early October.

However, following the bullish failure, the lack of momentum has kept the Cardano price below a consolidation range, despite the broader market showing a bullish comeback.

Currently, the sideways trend in Cardano extends from the $0.312 support level and the 50-day EMA, which acts as the dynamic glass ceiling.

But with a 4.69% jump last night, Cardano is making a bullish comeback. This engulfing candle negates the 3.94% jump a day before and the evening star pattern that formed with it.

Cardano is currently trading at $0.359, attempting to maintain dominance above the 50-day EMA.

Technical Indicators:

MACD: Supporting the bullish comeback, the MACD indicator shows a bullish crossover with a new resurgence of bullish histograms.

EMA: Acting as dynamic resistance, both the 50-day and 200-day EMA continue to slope down.

Based on the Fibonacci levels, a bullish comeback must cross above the 23.60% Fibonacci level at $0.421 for a sustained recovery in 2024 and 2025. The Cardano price action shows two major obstacles: the 50-day and 200-day EMA.

With the consolidation range breakout rally crossing above the 50-day EMA, the 200-day EMA will be the major breakout spot.

If the Cardano price action breaks above the dynamic average line, a bullish upside to the 78.60% Fibonacci level at $0.676 is possible.

However, minor resistance is present near the $0.50 psychological mark and at the 50% Fibonacci level of $0.544.

On the downside, the crucial support of $0.312, close to the $0.30 psychological mark, will likely hold the price for the rest of November.

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