Cardano price prediction: ADA to challenge $1.20 resistance again

TL;DR Breakdown

• Cardano price expected to rise to $1.250
• ADA faces resistance at the $1.50
• THe closest support level lies at 1.00 and further below at $1.00

Cardano price has made a complete recovery after a strong rejection at the $1.20 level earlier this week. ETH has recovered to the $1.150 price and is building momentum as the price action challenges the $1.20 resistance once again.

The broader cryptocurrency market also observes a mixed sentiment as the industry is split between assets recording a bullish movement and assets recording losses. This can be observed in the two largest cryptocurrencies, Bitcoin and Ethereum that record a 0.91 percent increase and a 0.78 percent decline, respectively.

Only a few currencies like Cardano record a movement upwards of 8 percent across the period.

Technical indicators for ADA/USDT

Across the technical indicators, the MACD has exhibited a bullish crossover today and shows increasing bullish momentum as observed in the enlarging green histogram. The two EMAs are both inclined upwards, suggesting bullish pressure at the price level. Meanwhile, the 12-EMA separates itself further from the 26-EMA showing an increasing bullish momentum as the price climbs towards the $1.15 mark.

The RSI trades relatively high but remains neutral, suggesting potential for further upwards movement. The indicator is trading above 60.00 at the time of writing with a slight incline almost horizontal. This shows that the price action is facing resistance at the $1.500 mark.

The Bollinger Bands had converged to a squeeze but now again show divergence as the price action pushes at the indicator’s upper limit. As Cardano price continues rising, the indicator would only continue expanding. While currently, the indicator is not issuing any signals, the bands suggest high price volatility for ADA in the short term.

Overall, the 4-hour technical analysis issues a strong buy signal, with 15 of the 26 major technical indicators supporting a bullish price movement across the timeframe. On the other hand, only three indicators suggest a bearish retracement, while the remaining eight indicators sit on the fence, issuing no signals.

The 24-hour technical analysis shows a similar sentiment as the analysis also issues a strong buy signal with 16 indicators suggesting an upwards movement for Cardano price. On the other hand, none of the indicators suggest a retracement, while ten indicators remain neutral issuing and do not support either side.

What to expect from Cardano price?

Traders should expect Cardano price to rise to challenge the $1.20 resistance level as the price action builds momentum. The positive technical analyses and the rising trade volume suggest a bullish breakout from the price level, catapulting the price to the $1.250 mark. Traders can expect ADA to set a new all-time high upwards of the $12.00 mark by the week’s end.

Conversely, if the price is rejected at the $1.50 mark, ADA may fall back to the 0.800 psychological support level. If ADA fails in building momentum in the next few days, price action may observe a breakdown to the $0.600 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.