• Mon. Oct 3rd, 2022
1643705713908 63041f43 88f6 419e 931d 8d18de2e2e04
1643705713908 63041f43 88f6 419e 931d 8d18de2e2e04

Cardano (ADA) is trading near $0.53, just about in the green on Thursday evening as the crypto market looks to hold onto yesterday’s gains.

The ADA/USD pair is however facing some pressure with prices falling from intraday highs above $0.54, a price level that’s likely to prove crucial to bulls’ chances of breaking higher.

Cardano price outlook

ADA has already hit resistance at the zone this week, dipping from the supply reload area to touch lows of $0.50 on Tuesday. A previous rejection at the level also saw Cardano price fall to $0.49.

Crypto analyst Michael van de Poppe however thinks buyers could still force a rally if they hold above the critical 50-day moving average.

1660250307970 f69592fc 3705 4c96 a075 bd4ebc4f0b01Cardano price chart and key price levels. Source: Michael van de Poppe

As per the chart above the analyst shared on Twitter, that price gauge remains above $0.47. The cryptocurrency has over the past few days held firm at the MA. Van de Poppe sees an upside trigger being at $0.55, where a retest could open up a breakout to new resistance around the $0.66-$0.70.

If the breakout happens, the analyst sees a 20% rally by early September.

Cardano follows the plan and looks ready for continuation, as the entire market looks ready for continuation. Expecting to see $0.70 as possible in the next few weeks,” he predicted.

The post Cardano price: Analyst explains ADA price outlook over coming weeks appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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