Cardano Eyes Reversal: Momentum Could Push Price Toward $0.54

• Cardano is trading at $0.4102 with $511.37 million volume, market cap $14.73 billion, dominance
• A TD buy signal was triggered at $0.37; holding that support could pave the way for $0.54.
• RSI is at 50, with a neutral to bullish outlook; MACD is flat, and the trading entry point is above $0.42, targeting $0.51.

Cardano (ADA) is currently trading at $0.4102 with a 24-hour trading volume of $511.37 million and a total market value of $14.73 billion, with a market dominance position of 0.48%. In the last 24 hours, it is experienced a slight drop of 0.20%.

Cardano Eyes Upside After TD Buy Signal at $0.37

ADA has triggered a TD buy signal, indicating possible upward momentum. ADA is currently trading around $0.37, which is a crucial support point for it. Crypto analysts Ali Marteniz suggest that holding $0.37 is essential to maintain bullish prospects and pave the way for a possible rally toward $0.54.

Technical analysis reveals that market sentiment is increasingly positive, as it is often a precursor to a reversal of trends in the TD Sequential pattern. If ADA can maintain support at $0.37, it may witness more accumulation, but otherwise, it could face a temporary drop before recovery.

Also Read | XRP Recovery Gains Momentum as Market Watches Bitcoin Influence

Key Support $0.37 Crucial For Upside

Indicators of momentum provide a mixed, yet positive, outlook. The Relative Strength Index (RSI) is at 50, indicating a neutral to positive sentiment. On the other hand, the MACD is flat with a neutral sentiment, trying to indicate either a pause or the start of an upward phase.

Strategically, $0.37 is viewed by some analysts as a key pivot that must be respected for a continuation of the move to $0.54. A long position entry point would be above $0.42, with $0.46 as the initial target and $0.51 as the secondary target. A stop-loss below $0.39 is recommended to manage risk effectively.

Cardano is standing at a critical point where, if it is able to sustain itself at the current levels of support, it could show some positive growth. Although it is important to wait for confirmation of the same through the subsequent price movements, it seems that the current structural shifts could help ADA regain traction.

Also Read | Solana Poised for Rally: Key Levels Suggest $150 Upside