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Cardano’s price prediction: ADA could reach a new ATH of $4 within weeks

. USD could retest local support prices before rebounding to trade at $3. 40 to $4 range Cardano’s price has faced increased pressure since the breakout to its all-time high of $3.09. The downside coincided with a broader crypto market slump led by Bitcoin and Ethereum, with Cardano’s ADA slipping to a low of $2.…

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USD could retest local support prices before rebounding to trade at $3. 40 to $4 range

Cardano’s price has faced increased pressure since the breakout to its all-time high of $3.09. The downside coincided with a broader crypto market slump led by Bitcoin and Ethereum, with Cardano’s ADA slipping to a low of $2. 02 on 7 September.

Recovery across the market is seeing ADA’s price currently hover near a previous resistance zone (earlier ATH of $2.47). Cardano is still in a strong place for another leg up. There are potentials for a new record high of $3. 40 to $4 range by early October.

The successful launch of Alonzo’s upgrade is likely to increase sentiment about Cardano in short-term. Cardano is now open to wider adoption thanks to the hard fork.

Cardano price outlook

The outlook for Cardano (ADA) is positive given price action for much of 2021. There’s a slight hint of pressure though, with the RSI on the daily chart below 50.

However, should the benchmark cryptocurrency Bitcoin (BTC) break higher after its match above $48,000, new momentum for top altcoins could favour a bullish breakout for ADA/USD.

In this instance, buyers have the opportunity to capitalize if they protect the local support (the grey area around $2. 38 to $2.47).

An upside impulse will allow for a retest of the 20 EMA ($2. 55), with a breach of the supply zone at the exponential moving average providing for a breakout above the downtrend line formed since 2 September.

If ADA/USD breaks above the bearish trendline buying pressure will most likely propel it beyond the 1. 236 Fib level ($2.82). Bulls should be able to test the barrier at $3 and the current ATR ($3. 09), with success bringing into play a new all-time high likely near the 1. 618 Fib level ($3. 40) and 2 Fib level ($3.98).

ADA/USD daily chart. Source: TradingView

If prices slipped below horizontal support around $2. 38, Cardano’s bullish outlook would be intact as long as the price stays above the 50 SMA ($2.23). If the price falls below this level, it would lead to a collapse to $2 and the 0. 618 Fib level ($1. 89) would be possible.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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