November 11, 2023 at 11:41 PM GST 1 min read News
  • ADA experiences a significant bullish breakout, surpassing the $0.35 mark and rallying to $0.38.
  • Key indicators like MACD and EMA signal robust bullish momentum, with a potential golden crossover on the horizon.
  • Cardano’s bullish trend raises anticipation, with predictions teasing a potential surge to $0.50 in 2023.

Cardano (ADA) has recently experienced a significant bullish breakout, surpassing the crucial $0.35 mark and rallying to an impressive $0.38. This surge comes on the heels of a medium consolidation phase near $0.27, marking a substantial 55% price jump in the last 22 days. 

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The altcoin’s price has now not only exceeded the 50-day and 200-day Exponential Moving Averages (EMA) but has also managed to reverse its negative year-to-date return, showcasing a commendable 52% performance. The Moving Average Convergence Divergence (MACD) indicator reveals an ongoing uptrend, with bullish histograms gaining momentum. Additionally, the rising 50-day EMA approaching the 200-day EMA raises the possibility of a golden crossover, further emphasizing the strength of ADA’s bullish momentum.

The current ADA price of $0.383533, with an intraday gain of 1.1% is not just a result of a random market movement. It stems from the successful completion of a rounding bottom pattern, launching the Cardano token price from the $0.35 mark. 

The current bullish trend raises expectations, with predictions teasing a potential surge to $0.50 in 2023. If ADA manages to surpass the $0.40 mark, the momentum could carry it towards the $0.45 range, further solidifying its position in the ongoing rally. However, a cautious eye remains on the $0.35 level, as a sharp reversal could lead to a retest of the $0.325 mark.

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