- ADA price prediction reveals the number 3 cryptocurrency is in the process of forming a declining technical pattern.
- ADA’s magnificent bull run shows exhaustion signs after closing to the coin’s all-time high price of $1.49.
- The declining technical pattern risks taking Cardano on a colossal price dip.
- Despite all, the Moving Average Convergence Divergence (MACD) still shows ADA has a bullish outlook.
Earlier this week, Cardano became the latest cryptocurrency to be listed on the illustrious Coinbase Pro platform. According to market pundits, the listing was the main impetus for Cardano’s most recent bull run. The listing came at the right time as ADA was very much in need of a price recovery after dipping marginally under the $1 mark.
ADA Price Prediction: General price overview
Once ADA commenced its price correction and bullish momentum, several resistance levels tried but failed to stop the number 3 cryptocurrency from surging. Failure of these resistance levels allowed Cardano to surge close to the coin’s most recent all-time high price of $1.49. However, it appears the bull run is wearing off at the $1.44 region, signaling a price correction if the current bearish pattern is anything to go by.
ADA price movement in the past 24 hours
According to ADA’s 24-hour chart, the number 3 cryptocurrency appears to be forming a double-top pattern that suggests extreme bearish times lay ahead for the crypto asset. Usually, a double-top pattern forms whenever a bull run is wearing off, and the crypto coin is facing massive correction pressure. Additionally, the double-top pattern comes into the picture whenever a crypto coin tests a similar resistance level twice. The lower point of the pattern act as a hosting ground for sellers, closing the door for potential buyers.
As for ADA, the development of a double-top pattern presents a potential correction is in the offing. Meanwhile, Cardano is exchanging hands at $1.437 at the writing time, following a slight price correction. Although Cardano has a chance of settling in the current region, the double-top pattern’s maturity will send the number 3 cryptocurrency spiraling down by significant margins.
ADA 4-hour chart
On the 4-hour chart, the price dip is likely to test the 50 Simple Moving Average (SMA) first and the 100 and 200 Simple Moving Average if things take a turn for the worst. However, according to the 4-hour SuperTrend technical indicator, Cardano is yet to finish with its upward trend. Recently, the SuperTrend technical indicator presented an indicator to long ADA.
The SuperTrend pattern recently sent out a price surge signal by flipping its color to green and slicing under Cardano’s current price. Market analysts use this technical indicator to spot instances to short or long a crypto token. In the case of Cardano, as long as the SuperTrend technical indicator rests under the coin’s price, the market should expect further upward price movement.
As for the MACD technical indicator, key indicators are signaling the bulls are still standing with their favorite crypto asset. This is evident with MACD’s blue line moving upwards within the positive zone while widening the signal line’s divergence.
Following Cardano’s solid move to unseat the Binance Coin as the number 3 cryptocurrency in the crypto market, there is a lot of goodwill currently going towards the coin’s favor. Additionally, with ADA becoming the newest entrant to earn a Coinbase Pro listing, the market should expect great news from the crypto asset.
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