Cardano (ADA) Price Eyes Short-Term Pump as Chang Hardfork Nears

The Cardano price is showing signs of a potential rebound, with a possible 19% increase on the horizon as the Chang Hardfork approaches.

Cardano (ADA) price is showing signs of a potential short-term rebound as the Chang hardfork approaches. The technical analysis suggests a potential 19% increase in ADA price.

Cardano price is up 3.4% in the last 24 hours to trade around $0.337, but is still down 16.6% in the last 7 days. The recent price action shows a fake-out move below the lower boundary of a descending channel on increasing volume, followed by a quick return to the channel.

This price movement could indicate a short-term reversal in the downtrend, with the increasing volume suggesting a return of buyers to the market. The price is currently trading in a descending channel on the daily time frame.

The 50-day exponential moving average (EMA) is at $0.3988, and the 200-day EMA is at $0.4522, both above the current price. The EMA 50 is in the upper part of the descending channel, and the EMA 200 is at the upper boundary of the channel.

This price movement and EMA positions indicate a bearish trend, with support at the lower boundary of the descending channel around $0.3 and resistance at the upper boundary around $0.45.

The relative strength index (RSI) is at 36.07, indicating it is approaching oversold territory. Usually, an oversold RSI indicates a potential price increase.

The Chaikin Money Flow (CMF) is at -0.07, indicating some selling pressure, but not excessively strong. If the selling pressure increases, it could push the CMF lower and put downward pressure on the price.

If the Cardano price rises and breaks above the falling channel, it would signal market strength and turn Cardano bullish. The technical analysis suggests a potential 19% increase in ADA price from the breakout point at $0.33 to reach the upper boundary of the descending channel at $0.4.

From there, further resistance would be at the 50-day EMA ($0.3988) and 200-day EMA ($0.4522). A move above the 200-day EMA would put Cardano in a bullish trend and open up targets of around $0.48, $0.50, and $0.55.

Cardano (ADA) price is showing signs of a potential short-term rebound as the Chang hardfork approaches. The technical analysis suggests a potential 19% increase in ADA price.

Cardano price is up 3.4% in the last 24 hours to trade around $0.337, but is still down 16.6% in the last 7 days. The recent price action shows a fake-out move below the lower boundary of a descending channel on increasing volume, followed by a quick return to the channel.

This price movement could indicate a short-term reversal in the downtrend, with the increasing volume suggesting a return of buyers to the market. The price is currently trading in a descending channel on the daily time frame.

The 50-day exponential moving average (EMA) is at $0.3988, and the 200-day EMA is at $0.4522, both above the current price. The EMA 50 is in the upper part of the descending channel, and the EMA 200 is at the upper boundary of the channel.

This price movement and EMA positions indicate a bearish trend, with support at the lower boundary of the descending channel around $0.3 and resistance at the upper boundary around $0.45.

The relative strength index (RSI) is at 36.07, indicating it is approaching oversold territory. Usually, an oversold RSI indicates a potential price increase.

The Chaikin Money Flow (CMF) is at -0.07, indicating some selling pressure, but not excessively strong. If the selling pressure increases, it could push the CMF lower and put downward pressure on the price.

If the Cardano price rises and breaks above the falling channel, it would signal market strength and turn Cardano bullish. The technical analysis suggests a potential 19% increase in ADA price from the breakout point at $0.33 to reach the upper boundary of the descending channel at $0.4.

From there, further resistance would be at the 50-day EMA ($0.3988) and 200-day EMA ($0.4522). A move above the 200-day EMA would put Cardano in a bullish trend and open up targets of around $0.48, $0.50, and $0.55.

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