ADA Price Prediction: Will Cardano Cross $1 In This Bull Run?
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The post ADA Price Prediction: Will Cardano Cross $1 In This Bull Run? appeared first on Coinpedia Fintech News
With the overall market reflecting a calmness, the altcoins are predicting a storm coming in for the crypto market. As the altcoins are preparing patterns for a reversal or breakout, ADA price is forming a channel in the daily chart.
Further, the market is ready for a “pre-haling rally” in the coming week that may soon spark a new altcoin season. Hence, the general sentiments support the bullish reversal in Cardano.
With the increasing bullish expectations, will ADA token prices reach the $10 mark? Find out NOW in our Cardano price prediction.
Bearish 50D EMA Dominates Cardano
Source – Tradingview
Prolonging the falling channel in the daily chart, the Cardano is showcasing a bearish influence over the price trend. The declining trend resonates with a gradual fall in the trading volume over the period, teasing a downfall.
Moreover, the recent bull cycle in the channel struggles to surpass the 50-day EMA and the overhead resistance trendline. Thus, the ADA price reverts with a double top pattern, leading to a drop below the $0.50 mark.
Currently, ADA price trades at $0.49 and displays a 0.61% intraday fall while teasing a sharp correlation to $0.45.
Technical indicators:
RSI indicator: Despite the declining price trend, the daily RSI line shows a gradual reversal before the oversold boundary line. Further, the bullish divergence is visible, which increases the bullish breakout credibility in ADA price.
Will ADA Price Leap Beyond $0.60?
With the ongoing correction teasing a retest of the 50% Fibonacci level at $0.454, the ADA price trend expects a drop in the short term. However, the growing divergence and the change in market sentiment tease a bullish reversal in Cardano, potentially leading to a channel breakout.
In such a case, Cardano can reach the $0.668 mark in the coming week. On the downside, a drop below the support trendline can test $0.40.
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