Cardano (ADA) Price Could Enter a 25% Bull Rally

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In Brief

  • Cardano’s price is close to breaching a crucial resistance, which would enable a rise to $0.6.
  • RSI and MACD are both supporting a bullish outcome as broader market cues turn positive.
  • MVRV Ratio is in the opportunity zone, suggesting potential accumulation by ADA holders.

Cardano’s ADA price is above $0.42 but struggles to secure $0.500 as support. This crucial psychological level could act as a recovery rally trigger.

With the changing market conditions, it seems likely that ADA could note a surge after overcoming this barrier.

Cardano Holders Should Take Note

Cardano’s price has tended to react to investors’ actions, which places ADA in a good spot. This is because not only is the altcoin primed for a rally, but investors can also take profits.

This is derived from the Market Value to Realized Value (MVRV) ratio. This metric assesses investor profit or loss.

Cardano’s 30-day MVRV sits at -10.24 %, signaling losses and potentially prompting accumulation. Historically, ADA recovery occurs within the -7% and -17% MVRV range, labeling it an accumulation opportunity zone.

Cardano (ADA) Price Could Enter a 25% Bull Rally
Cardano MVRV Ratio. Source: Santiment

The broader market cues are also supporting a bullish outcome. For instance, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both positive at the moment. RSI is currently above the neutral line at 50.0, sitting in the bullish zone, while MACD is sustaining its bullish crossover.

RSI measures the magnitude of recent price changes to evaluate overbought or oversold conditions. MACD, on the other hand, identifies momentum trends by comparing short and long-term moving averages.

Combining this with the potential accumulation at the hands of ADA investors, a rally could occur.

Read More: How To Buy Cardano (ADA) and Everything You Need To Know

Cardano (ADA) Price Could Enter a 25% Bull Rally
Cardano RSI and MACD. Source: TradingView

ADA Price Prediction: Reclaim $0.500

Cardano’s price trading at $0.462 is just under the resistance of $0.468 after bouncing off the support at $0.428.

To secure the ADA rally, the $0.518 barrier would need to be flipped into support. This could help Cardano’s price escape the three-week-long consolidation and continue its rise to $0.600, marking a 25% rally.

Read More: Cardano (ADA) Price Prediction 2024 / 2025 / 2030

Cardano (ADA) Price Could Enter a 25% Bull Rally
Cardano Price Analysis. Source: TradingView

On the other hand, if the breach fails, Cardano’s price could likely remain consolidating. However, if the support of $0.420 is lost, the bullish thesis would be invalidated. This would leave ADA vulnerable to a fall to $0.400.

Top crypto platforms | May 2024

This article is sourced from the internet: Cardano (ADA) Price Could Enter a 25% Bull Rally

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