an hour ago | Michael Fasogbon
| ⠀Cardano price: | $0.038 |
|---|---|
| ⠀Key ADA resistance levels: | $0.040, $0.046, $0.053 |
| ⠀Key ADA support levels: | $0.035, $0.030, $0.025 |
*Price at the time of writing
Cardano Long Term Price Prediction: Bearish
For the past months now, Cardano has continued to perform poorly as the sellers keep stepping into the market. As we can see, the price of ADA is still very much captured in a descending channel to reveal that the market is under the bear radar.
But recently, Cardano has been trading much around the upper boundary – an indicator to a potential price increase which might be around the corner. Though, the volumes and volatility are quite significant but on the downsides.
Meanwhile, the ADA market is currently sitting on the RSI 30 level and now aiming to climb above the mid-band. The MACD is now lying at the zero levels, showing that the market is indecisive at the moment.
On the upside, Cardano’s price is likely to reach $0.046 and $0.053 resistance. However, $0.040 is an important level for the bulls. On the downside, $0.035 and $0.030 are close support for the market. A drive below theses supports may cause a lot of bearish pressure to $0.025 and $0.020 support.
Cardano Medium Term Price Prediction: Bearish
Cardano has witnessed a low trading volume over the last 48-hours, making the market to remain sideways for a while now. Considering the symmetrical triangle pattern on the 4-hour time frame, Cardano’s price may explode any moment from now.
Above the triangle, the potential resistance to look out for is $0.042 and $0.046. Below the triangle, ADA is likely to floor at $0.033, although there’s minor support at $0.036.
Looking at the technical indicators, we can see that ADA has managed to climb slightly to the positive zones, indicating that buyers are slowly stepping into the market. Acting upon this bullish signal, the price of ADA is likely to increase significantly soon.
Cardano Short Term Price Prediction: Bullish
Zooming into the hourly chart, Cardano’s price is slowly pacing up in a rising wedge which means the buyers are present in the market. While reaching a point of breakout on the wedge, ADA price may still reach $0.0392 resistance before breaking up $0.040 and $0.042.
Taking a look at the technical indicators, which are now trending low; the price of ADA may drop heavily if the RSI and the MACD keep heading in a downward direction. However, the key support to look out for is $0.037 and $0.036 on a short-term sell. But currently, the ADA market is following a bullish sentiment on the hourly chart.
Conclusion
The bottom line is that we need to see a clear breach above the key resistance of $0.040 before considering a positive move for the ADA/USD pair. Otherwise, the long-term bearish sentiment could continue and may even last for the rest of the year. However, if the buyers can continue to push the price higher for a while, the Cardano may turn bullish in no time.
