Cardano ADA Must Uphold this Price Range, to Hit New 2023 Highs, Says Top Experts

Coinpedia
Coinpedia

30 Nov 2023 11:10 AM

Over the past month, Cardano (ADA) has witnessed a significant surge, aligning with the broader momentum in the crypto market. This rise is fueled partly...

  • Cardano (ADA) has experienced a surge in price, driven by Bitcoin's dominance in the crypto market and expectations of a BTC exchange-traded fund (ETF) approval.
  • The recent Cardano Summit 2023 and plans for a decentralized governance structure by Cardano founder Charles Hoskinson have further boosted ADA's price.
  • ADA is currently in a key demand zone between $0.37 and $0.38, with strong support and minimal resistance.
  • Maintaining this position could lead to ADA reaching new yearly highs, but losing support at $0.37 may trigger a correction.
  • The Tom DeMark Sequential indicator has signaled a potential trend reversal on ADA's weekly chart.
  • Analyst CoinsKid suggests that ADA may move to $0.7497 and eventually $1.80, representing untapped resistance levels.
  • Over 70% of ADA wallets are currently in a profitable position, indicating positive market sentiment.

The sentiment in the article is generally positive, highlighting the surge in ADA's price, positive market sentiment, and potential for ADA to reach new highs. However, there is also a cautionary note about the possibility of a correction if support is lost.

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You May Ask

What factors have contributed to the surge in Cardano's price?What recent announcements have boosted ADA's price?What is the current price range for ADA and how many wallets have acquired it?What are the potential outcomes if ADA maintains or loses support at $0.37?What price levels are suggested by analyst CoinsKid for ADA's future movement?

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