🔥🔥🔥 #cardano Price Prediction: Despite room for 31% gains, $ADA might find it difficult to rally again

Cardano (ADA) recently experienced a correction in the latter half of December but remains within its long-term uptrend. Despite signs of potential bearish developments in the price indicators, this comes as the first bearish signal in four months.

Cardano's price, currently at $0.52, has shown resilience in maintaining its long-term uptrend, supported by the 200-day Exponential Moving Average (EMA) and the sustained uptrend line since mid-October. While a sharp fall occurred in December, ADA has the potential to recover, especially as it eyes reclaiming the target price of $0.68, standing 31% above the current trading price.

However, caution is warranted as indicators, particularly the Moving Average Convergence Divergence (#MACD ), signal the first bearish crossover in almost four months. The potential influence of funds flowing into Bitcoin following spot BTC ETF approval could further impact ADA negatively.

A breach below $0.50 might lead to a 20% decline toward $0.40, with $0.46 serving as a likely support level, coinciding with the 200-day EMA. Prolonged bearish sentiment could push ADA even lower to $0.41, aligning with the 50-day EMA.

Recovery for Cardano would require bouncing off the $0.46 support, reclaiming resistance at $0.55, and aiming for the $0.68 target. Flipping the $0.60 level into support would invalidate the bearish outlook.

Source - fxstreet.com

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