Cardano Price Forecast as Founder Charles Hoskinson Takes Jab at Crypto Critics – Time to Buy ADA?

After hitting a new 2023 high of $0.4210, Cardano’s price experienced a sharp downtrend that stabilized at $0.30, in line with analysts’ predictions.

Here, buyers stepped in and pushed the price of ADA back up toward $0.35, where it has been hindered by a confluence resistance formed by the 50-day Exponential Moving Average (represented by the red line) and the 100-day EMA (represented by the blue line).

Traders who are considering opening new or additional long positions in ADA may want to wait until the token confirms the uptrend by breaking above the critical area of contention, which is slightly above $0.35.

A natural break above this level is essential to confirm the subsequent swing toward $0.40 as bulls play the long game, ultimately reaching for the $1 level.

The Moving Average Convergence Divergence (MACD) has already issued a buy signal, indicating that the path of least resistance is towards the upside with resistance levels along the way at $0.50 and $0.75.

Cardano Price Uptrend Steadies In Shorter Timeframes – 4-Hour Chart

Bulls are upholding the optimistic outlook for Cardano price even in shorter timeframes, as observed on the four-hour chart. The buy signal from the MACD is more aggressive, with the indicator at 0.007.

For Cardano’s price movement, two levels are crucial in the short term. The 100-day EMA at $0.329 acts as a downside support, preventing ADA from dropping to $0.32 and $0.30.

On the upside, the 200-day EMA at $0.35 coincides with the resistance on the daily chart. Breaking through the upper trendline on the four-hour chart is essential for another attack at $0.40.

As long as the SuperTrend indicator trails below Cardano’s price, the bullish outlook remains intact.

Even in the event of a short-term selloff, investors are likely to take advantage of the lower-priced ADA tokens to play the long game to $1.

Buy Cardano Now

Cardano Alternatives To Buy Today

If you’re looking for other high-potential crypto projects alongside ADA, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.}

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