• Cardano opened in green at the start of 2023, signaling a potential reversal in its bearish trend.
• The cryptocurrency has found good support at $0.24 and could potentially target $0.30, which is the next key resistance.
• Optimism is building up as Cardano seems to have found good support at $0.24.
Cardano has experienced a significant amount of volatility throughout the year, making it difficult to predict where the price will go. After making a lower low in December, Cardano surprised the market in the new year by opening in green. This is an indication that a potential reversal in its bearish trend may be underway.
The cryptocurrency has found good support at $0.24 and could potentially target $0.30, which is the next key resistance. This is encouraging news for investors who are hoping for a reversal in the bearish trend. Trading volume is rather flat, but despite this, ADA closed in the green for the past three days. Buyers may be returning.
The daily RSI also made a bullish divergence as the price fell to a yearly low in December 2022. This is promising, as it suggests that the market might be oversold and ready for a reversal. In addition, the MACD is also showing some positive signs for ADA, with the histogram increasing in value.
Overall, optimism is building up as Cardano appears to have found good support at $0.24. If this momentum continues, then this cryptocurrency could even target $0.30, which is the next key resistance. This would be a great opportunity for investors to capitalize on the potential upside. However, it is important to note that no matter how optimistic the outlook may be, investors should always remain cautious and only invest with money they can afford to lose.