Cardano Price Prediction: Bulls Poised for New Rally, Will ADA Defy The Odds?
Cardano price prediction: ADA’s recent market performance exhibits a downward trend, as its value plummeted below the critical $0.48 mark, signaling a bearish phase. This decline brought the altcoin to a low of $0.44. Nevertheless, a slight recovery ensued, positioning Cardano at a current trading price of $0.4732. This marks a modest increase of over 1% in the last day. Despite this dip, analysts and investors maintain a positive outlook for the short-term future of the cryptocurrency.
In recent days, significant fluctuations in the prices of major alternative coins have been observed, reflecting mixed market sentiments. There has been a tug-of-war between bearish and bullish forces, with the former currently appearing to have the upper hand, as evidenced by the decline in Cardano’s value. The altcoin has experienced a decline in value, with more substantial drops of 10% and 23% over the past week and month, further underscoring the bearish trend currently influencing the crypto market.
Cardano price fluctuated within a narrow range for a period, between $0.5817 and $0.6273. However, the bullish momentum could not be sustained and culminated in a dive below its support level. The trading volume for Cardano over the past 24 hours has significantly reduced, dropping by more than 26% to $581 million. According to CoinMarketCap, Cardano currently holds the 8th position in market capitalization, valued at approximately $16 billion.
Cardano Price Prediction: Setting Sights on a Bullish Target
According to More Crypto Online’s latest video, ADA, exhibits a complex correction phase. Analysts note that Altcoin may soon reach a critical trendline, targeting approximately $0.79 to $0.90. This trend is part of ADA’s diagonal pattern, where maintaining a price above $0.51 is essential. This level is key to preserving ADA’s momentum and impulsive potential in the market.
In the cryptocurrency’s daily trading chart, it is seen gaining support from its lower trendline, leading to a noticeable recovery. If the bulls keep Cardano price above the crucial $0.48 support level, it is expected to challenge its next resistance at $0.60. Sustaining this level could pave the way for ADA to aim for a higher resistance mark at $0.80. This scenario hinges on the market’s ability to maintain its current momentum.
However, there’s a flip side to consider. ADA’s price may decline if market momentum falters, testing the $0.45 support level. In a bear-dominated market, ADA might even face a steeper fall, potentially reaching down to test a lower support threshold of $0.40 in the foreseeable future. The daily candlestick displays a pronounced long-tail rejection, indicative of a strong buying interest at this lower support level.
The Moving Average Convergence Divergence (MACD) is exhibiting a persistent decline in its red histogram. This pattern signals a strengthening of bullish forces in the market. The moving averages also suggest a likely bullish crossover, pointing towards potential significant price movements soon.
Cardano price chart: Tradingview
On the other hand, the Relative Strength Index (RSI) maintains a neutral position, showing a horizontal trend that indicates an absence of a clear directional bias. These trends together paint a picture of a market at a potential turning point, with indicators leaning towards a bullish outlook but still awaiting confirmation.
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Filed under: News - @ January 1, 1970 12:00 am