5 hours ago | Michael Fasogbon
Key Highlights:
- ADA may resume bearish if $0.038 remains strong.
- Cardano’s short-term bullish is supported by $0.030.
- The $0.053 level is an important resistance for a breakout.
| ⠀Cardano price: | $0.037 |
|---|---|
| ⠀Key ADA resistance levels: | $0.041, $0.045, $0.053 |
| ⠀Key ADA support levels: | $0.035, $0.032, $0.030 |
*Price at the time of writing
Cardano Long Term Price Prediction: Bearish
The price of Cardano has continued to remain in a perpetual bearish mode for the past months but the 12th largest cryptocurrency by market cap saw a substantial gain for some days now. The current positive move was supported by $0.030, allowing the price to reach the wedge’s resistance at $0.038 before a slight drop.
How to buy Cardano (ADA) on Binance
Two days ago, ADA buyers regrouped and pushed the price to this wedge’s resistance again. From a technical perspective, the market is preparing for another rally which might lead to a wedge break. If a breakout occurs, Cardano’s price is likely to increase to $0.041, $0.045 and $0.053 resistance.
On the technical indicators, we can see that the daily RSI and MACD are showing positive signs as more bullish move might be around the corner. However, if the ADA market fails to breach the wedge and then followed by rejection, the price may drop back to $0.035, $0.032 and potentially $0.030 support. But as it appeared now, the buyers are likely to gain more control of the market.
Cardano Medium Term Price Prediction: Bullish
The December 6 break from the ascending triangle shows that Cardano is forming a bullish pattern on the 4-hours time frame. It may soon go parabolic if the market can reclaim the $0.038 resistance, although the buyers are regrouping back after pulling back to $0.035 – now holding as support for the last 48-hours trading.
Reclaiming $0.038 would allow buyers to push price higher to $0.040 and above. On the other hand, the price of ADA may fall back to $0.035 support if the buyers fail to sustain momentum. More so, a bearish continuation may bring the ADA trading back in the triangle boundary.
Currently, the technical indicators are sitting on their immediate support. If this support provides a rebound, we can expect the price to keep rising. As of now, the buyers are still sustaining pressure in the ADA market.
Cardano Short Term Price Prediction: Bullish
Looking at the short-term trend, Cardano is revealed in an upward range but the recent drop below the yellow trend line is an indication to a bearish swing. This may cause a lot of selling pressure in the market if ADA fails to climb back above this yellow line. As revealed on the technical indicators, the market is suggesting a potential decline.
However, if Cardano can rely on the immediate support on the hourly RSI and MACD, the price may retouch $0.038 and potentially $0.039. Failure to find support on these indicators could lead to a serious selling at $0.035 support. A sell below this support would confirm a reversal on the hourly time frame.
Conclusion
If Cardano can significantly clear the $0.038 resistance, a decent bullish rally is expected to come into play. If not, the market would continue to flag the perpetual bearish trend. But looking at the wedge formation on the daily chart, ADA has reached a point of breakout.
Previous ADA price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Cardano:
