- ADA price prediction shows the cryptocurrency is in a rough region since early April with no directional bias.
- If Cardano closes the day above the $1.2 supply region’s upper barrier, it could be in for a significant surge.
- Cardano is currently working on getting out of the red zone.
According to its recent price movements, Cardano appears to be on its way past the lower range as volatility becomes a new tendency. Although the crypto asset appears bullish, it has to realize a decisive close above the immediate resistance level.
ADA Price Prediction: General price overview
On 27th February, Cardano managed to record a higher high of $1.5 after realizing a 65 percent price upsurge. This positive price movement was received with a sudden buying spree from investors. However, Cardano’s price plunged the following day towards the $1.2 price range, forming a lower range.
Since then, Cardano’s price movement has revolved around the lower price range, although deviating from time to time. Cardano is currently hovering below the lower range, but it shows strong signs of correcting. Despite its current bullish outlook, Cardano has to settle above the immediate supply region between $1.17 and $1.24. A close above this critical barrier will open the path for a potential price surge that might push the crypto asset towards the $1.5 price region. This 25 percent price surge to $1.5 might be short-lived due to the resistance level at the 50 percent Fibo Retracement level at $1.33.That is why a second price surge is necessary for Cardano to bypass the 50 percent Fibonacci retracement level.
ADA price movement in the past 24 hours
According to Cardano’s 24-hour price movement, the cryptocurrency shows a high probability of surging upwards than downwards. However, this bullish outlook might not come to fruition if investors fail to push the crypto coin past the resistance zone. Cardano is likely to record a 10 percent price decline to settle around the $1.0 region in such an event. A price decline of such a magnitude might overturn the current bullish outlook and trigger a bearish one. If things take a turn for the worst, Cardano might record another 12 percent price crash that might push it towards the $0.89 price region. This is going to be a similar low to that of the recent market crash.
ADA 4-hour chart
According to Cardano’s 4-hour chart, the cryptocurrency is on the verge of a bullish momentum following the ongoing buying pressure. The asset’s MACD blue line also validates the bullish narrative as it is currently hovering way above the signal line. At the time of writing, Cardano is exchanging hands at around the $1.22 region. As for the RSI technical indicator, the crypto coin is currently moving towards the overbought region, indicating a bull run is on the offing.
For Cardano to maintain a strong bullish momentum, it has to bypass key resistance barriers and the current lower trading range. This is important as it will allow the crypto asset to trigger more buying pressure that should send its price higher in the near term.
Recently, IOHK CEO Charles Hoskinson speculated that Cardano was a million times more energy-efficient than the number one cryptocurrency, Bitcoin. Charles made these allegations while speaking to Forbes magazine when he was comparing the two cryptocurrencies. Although his comments might be subjected to criticism, the free publicity Cardano is currently enjoying might have a positive price movement.
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