Cardano’s bullish recovery has pushed its price above $0.40, reaching the highest level in three months. Will this bull run continue, driving the price above $0.50?
With the trend reversal rally, Cardano is heading toward the $0.50 psychological mark. Currently, it trades at $0.426, with a 24-hour surge of nearly 15%.
With a market cap of $14.94 billion, it now ranks as the ninth biggest crypto in the world, surpassing Tron. Will the rising number of Cardano lead to a price jump above the $0.50 psychological mark this November?
Cardano Price Analysis
In the 4-hour chart, the uptrend breaks above the 100% Fibonacci level at $0.41 and challenges the 1.272 Fibonacci level at $0.437. At current prices, it has breached above the 3-month high price level.
With a change of character, the simple moving averages in the 4-hour chart gave a golden crossover. Hence, with a complete trend reversal, the altcoin shows short-term potential to reach the $0.474 mark or the 1.618 Fibonacci level.
In the daily chart, the reversal rally shows more promising price targets. As it surpasses the 23.60% level at $0.387, it faces higher price rejection from the $0.442 mark.
In the last 24 hours, it has recorded a high of $0.444 and teases a bullish extension. Furthermore, with four consecutive bullish candles, it has increased by 33.44% from its 7-day low at $0.32.
Will Cardano contine the Bull Run?
As Cardano exceeds the 200-day exponential moving average, the uptick in the 50-day EMA teases a bullish crossover with the 100-day EMA. Furthermore, the MACD indicator in the daily chart shows a positive crossover with two massive bullish histograms. Hence, the technical indicators support further uptrend chances in Cardano.
In the daily chart, a bull run above the 38.20% level at $0.442 could reach the 61.80% level at $0.548. Hence, the breakout rally is expected to surpass the $0.50 psychological mark. Conversely, the support levels are present at $0.41 and $0.39.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
