an hour ago | Michael Fasogbon
| ⠀Cardano price: | $0.0337 |
|---|---|
| ⠀Key ADA resistance levels: | $0.035, $0.039, $0.046, $0.053 |
| ⠀Key ADA support levels: | $0.030, $0.025, $0.020, $0.015 |
*Price at the time of writing
What Has Been Going On With Cardano?
Since the launch, Cardano has seen consistent development activity, that has failed to translate into a long-term price increase. Cardano reached its highest price on January 4, 2019, at $1.33, but since then has lost 97% of the value, and is one of the worst-performing altcoins along with BTG, QTUM, XEM, NANO, OMG and DASH. The fact that it doesn’t have any commercial apps hasn’t helped the cause.
Cardano Long-Term Price Prediction: Bearish
Since the beginning of 2019, Cardano’s performance has been quite poor, leading to a consistent decrease in price over the past months. Last week, Cardano dropped to its yearly low of $0.03 after opening the month at around $0.04. Cardano is currently in a small consolidation circle with the price hovering around $0.033 over the past five days.
How to buy Cardano (ADA) on Binance?
A convincing push above this level with a strong volume on the 4-hour chart might translate into a rally to $0.039, where ADA will meet the 7-month long resistance, represented by the yellow descending line. A successful climb above it would trigger a further increase to $0.46, $0.53 and $0.063 in quick succession.
If ADA continues dropping, it would find support at $0.03, $0.025, $0.020 and $0.015. Cardano has remained above the RSI 30 over the past seven months along with the MACD which is in bearish territory.
Despite trading close to yearly lows, Cardano is still the 13th largest cryptocurrency with a market cap of around $874 million.
Cardano Medium-Term Price Prediction: Bearish
The price of Cardano has continued to follow a bearish scenario on the 4-hours chart, but considering the wedge pattern, it appeared the bear market may come to an end soon. Moreover, the future looks very promising for long-trader as a positive move seems to be underway.
First, a clear rise above the wedge resistance at $0.035 would confirm a positive momentum and a price increase to $ 0.042 and $0.046. As revealed on the RSI indicator, Cardano is slowly picking up. The MACD is also on the rise – an intense buying opportunity is expected as soon as we push above the $0.35 resistance.
At the moment, ADA is relying on the $0.03 support. If it fails, the price is likely to create fresh yearly lows at $0.027 or even lower at $0.025. Nevertheless, Cardano remains bearish in the mid-term since the resistance has negated a bullish crossover in the past 6 occasions.
Cardano Short Term Price Prediction: Neutral
Following the rebound at $0.03 on December 18, bears have continued to stay in control and have rejected every attempt of breaking the $0.035 resistance. On the hourly chart, ADA is finding support at $0.033. If it fails, a price drop to $0.031 is very likely. In the past 4 occasions, the $0.035 resistance has proven to be too strong, so it’s likely that we’ll see further sideways movement in the $0.031 – $0.035 channel.
The MACD shows that the bulls are gradually stepping back into the market, although the latest drop has brought us in the negative zone again and in the oversold levels on the RSI chart.
Conclusion
Cardano’s general picture is bearish, but it’s showing some strength in the short-term. Considering the latest signal on the lower timeframe, ADA is likely to start a bullish rally if we clear the $0.035 key resistance level. Additionally, a positive move is expected if buyers start accumulating ADA at yearly lows.
