- Cardano price hovering above strong $1.50 support.
- Low chances of bears beating this support, regardless of selling pressure.
Cardano Price Prediction: General price overview
Cardano got rejected near the 9-day moving average at $1.55 on the 1-hour chart after hitting an intraday high of $1.56. Heightening price resistance from sellers at $2.00 and a collapsing crypto market seems to be holding ADA captive to the bears, but hopes are still high of closing the month with double digits. Cardano has remained well-positioned for the past few days regardless of the bear market and might lead as a major crypto asset.
Buyers have attempted to defy market weaknesses and sustain the coin’s price around the 50 and 200 four-hour moving averages for at least 14 days. Cardano (ADA) started the day at a gradual uptrend from an intraday low of $1.5 and activated a few three white soldiers but later retraced at $1.55. This is a clear suggestion that buyers are trying all they can to consolidate the altcoin price back to the all-time high. If the bulls manage to break above the 38.2% retracement of the 4-week swing low at $1.59, there is a possibility of reaching $1.8. Yet this is also dependent on whether the broader market will stabilize to give buyers enough confidence when shorting.
Nonetheless, traders cannot presume the prevailing ADA pullback is a result of a falling broader market. The coin has already emerged as the leading recipient of more than $10 million worth of institutional investor inflows. The coin would go on to break out of an inverse H & S (Head and Shoulder) pattern on the 25th of May but this did not attract interest from the market. Instead of adding buyers into the market, most investors pulled out by short-selling their positions.
Cardano price movement in the past 24 hours
ADA’S price action has been moving within strong support at $1.500 since the opening of the daily chart. However, the price is hovering slightly above the support, and the broader market might be anticipating some more effort from buyers to prove that the bulls will regain control. It’s not advisable to short in a bear market but otherwise favorable for those intending to open long-term positions (at least 2 – 3 years).
But we cannot undertake the bears in our discussion as the chart is entirely bearish. Should the sellers pull the price below the current support, we should anticipate a price low of $1.42. Yesterday’s chart was verging on an equilibrium market between buyers and sellers, and a continued retracement below $1.42 could trigger indecision if the bears touch 2018’s high at $1.39.
Cardano 1-hour chart
At the time of writing, Cardano (ADA) is trading at $1.51. Buyers attempt to recover the prices, and sellers attempt to break below $1.50. But the support remains strong, just some slight support from the broader market, and the bulls will conquer the 61.8% FIB retracement ($1.69).
Cardano Price Movement: Conclusion
The latest news about Cardano is an interview featuring Cardano Founder and former Ethereum founder Charles Hoskinson criticizing Ethereum as a weak network with a mixed-up structure. Hoskinson reiterated that Cardano was initially built as a protocol for providing economic support to financially unstable economies and supporting the financial infrastructure of billions of people in developing nations. You can read more about the interview on Why Cardano is better than Ethereum.