Cardano (ADA) is recently showing signs of a potential trend reversal. But after staging an impressive 48% rally from its low in June, the ADA price faces crucial hurdles to solidify its bullish stance.
Cardano (ADA) Price Analysis
Cardano enthusiasts have had their patience tested as the ADA price navigated through a series of ups and downs. Following a dip to $0.221 in June, Cardano embarked on an impressive 48% rally, fueled in part by positive sentiment stemming from the Ripple legal dispute with the SEC. During this period, the price surged to the 61.8% Fibonacci retracement level, sparking excitement among the bulls.
However, enthusiasm soon waned as the buy side struggled to stabilize above the 200-day EMA (blue). ADA subsequently corrected back to the crucial breakout level at $0.30, where the bulls regained their footing and lifted the price above the EMA50 (orange).
Bullish ADA Price Targets
For the short-term outlook to brighten further, ADA needs to overcome some important
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