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$ 0.000183 14.94%

Cardano price prediction: ADA bulls target $2 amid current consolidation

Cardano price prediction ADA bulls target amid current consolidation

TL;DR Breakdown

  • Cardano price prediction reveals massive symmetrical triangle formation.
  • Bullish optimism takes over Cardano, undergoing consolidation before the weekend.
  • ADA/USD faces massive resistance at $1.48 before journeying to the psychological $2 level.
Cardano price prediction: ADA bulls target $2 amid current consolidation 1
Cryptocurrency heat map by Coin360

ADA is undergoing consolidation as the price is unable to break out of the tightly knit Bollinger Bands. The price is oscillating between $1.158 to $1.269 with little room for any maneuvers. The bulls will likely turn this phase into another consolidation before the next higher bounce. The shrinking Bollinger Bands are giving out potential breakout signals to fresh all-time highs.

However, the Cardano price prediction studies show that the pair will have to cross a crucial resistance level before heading towards the $2 level. The essential resistance lies at $1.5, close to the $1.48 all-time highs for the pair. Various on-chain metrics suggest that the weak resistance ahead and a volume build-up will soon result in a breakout towards $1.385.

The sideways trading is also confusing large investors and traders looking for potential signs to start long positions. The profit booking near the $1.289 level is further complicating matters. The daily chart shows a bull flag due to the formation of the symmetrical triangle, which may very well deliver the much-needed breakout.

Cardano price movement in the last 24 hours: ADA faces a $1.5 test before the $2 level

No journey is complete without some stopovers and milestones. In the ADA case, the Cardano price prediction studies show that the pair will have to deal with massive resistance at $1.5 on its way towards the $2 psychological price level. And the current price action suggests there’s an enormous breakout formation on the daily charts.

The daily timeframe lists $1.5 as the crucial level before conquering new heights. The Fibonacci extension levels from the $1.48 all-time highs predict a 77 percent increase in ADA price, bringing $2.20 on the charts in the next few weeks. The current consolidation will help tide over the $1.23 to $1.35 range over the multiple resistance levels. Up ahead, there are weak resistances that hardly pose any challenge for the pair before it hits the $1.48 resistance.

So far, the pair has seen multiple rejections from the $1.25 resistance zone. However, the pair found support at the $1.07 zone where ADA whales are giving great aid.

ADA/USD 4-hour chart: Sideways trading giving way to a breakout

Cardano price prediction: ADA bulls target $2 amid current consolidation 2
Cardano price chart by TradingView

Cardano price remains stuck in a sideways channel, but the pair are grinding upwards. The daily timeframe shows that Cardano price prediction is turning bullish due to the symmetrical triangle pattern and an ascending price channel. Last week’s 2.5 percent rise seems nominal but does support the bullish underpinnings. ADA has established massive support near the $1.14 pivot point, and the same is being used for a bounce back.

The RSI reading remains at 52, and there is an upward slope building on the charts. The MACD is far from a breakout, but the timelines are gradually converging towards each other. The bounce back from the $1.15 support level has been gradual but supported by volumes. The resistance at $1.30 is followed by another resistance at $1.46, which also happens to the 1.618 Fibonacci extensions of the current bull cycle that began in late March.

On the downside, the .382 Fibonacci retracement is holding the pair well at $1.07. If the pair slides due to an excessive selling spree, the .5 Fibonacci retracement at $0.95 can be a reality.

Cardano price prediction conclusion: ADA poised for a breakout from the symmetrical triangle

ADA is also painting a symmetrical triangle in the ADA/BTC charts. The bullish pattern reflects the end of the consolidation phase, which may result in a massive breakout. Against Bitcoin, ADA may approach 2295 SAT if the bullish Cardano price prediction holds. However, failure to close above this crucial range result in a minor setback to the pair back towards the 1900 SAT.

Cardano price prediction studies also show that the cryptocurrency is fast approaching the ascending price channel’s peak. The bulls must gather up volumes over the weekend to push the pair past the symmetrical triangle. In an extended bull run, the pair will ignore any overbought technical indicators and Cardano price prediction will remain bullish.

Disclaimer. The information provided is not trading advice. 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.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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