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Cardano Price Prediction: ADA bullish price action to push it towards the $2.4 price region

Cardano Price Prediction

TL;DR Breakdown

  • Cardano price prediction highlights ADA’s ongoing bullish momentum.
  • The ongoing bullish leg is set to push Cardano past the ascending triangle pattern.
  • Cardano’s prevailing upward price movement favors the bulls according to critical technical indicators.

According to today’s early morning trading session, it seems Cardano has a bullish leg after exhibiting weak price movements through the past few trading sessions. At the time of writing, the potential ETH killer, ADA, is exchanging hands at around $1.779 after exhibiting an impressive price rally.

Cardano Price Prediction: General price overview

Since plunging towards the $1 mark during the May 19 crypto market crash, Cardano has been having an instead testing path towards recovery and reclaiming its critical $2 price region. Despite the gruesome journey, things appear to be looking up for the crypto coin at the moment. While trading at around $1.779, Cardano appears to exhibit the right signs that its ongoing bull run is gaining strength. For instance, the crypto coin has been registering high lows of late, indicating a potential price trend past the ascending triangular channel.

Cardano’s upward price journey has not been easy despite recording positive price movements since its initial price plunge to $1 in May. For instance, the crypto coin hit a critical resistance barrier around the $2 mark after its first recovery attempt. This lead to an almost immediate price correction. The cat and mouse game persisted between the bulls and the bears, with the resistance barrier at $1.8 playing a critical role in limiting Cardano’s price movement. Despite this, the bulls have come out more emphatic in trying to bypass this resistance barrier. The current higher low patterns can explain this on the 12-hour chart.

Cardano price movement in the past 24 hours

Cardano Price Prediction: ADA bullish price action to push it towards the $2.4 price region 1
Source: TradingView

The emerging smart contract crypto asset has kept market participants’ interest on the roof, following all the new add-ons on its platform. It is worth noting that it is at the $1.8 horizontal resistance level that the ascending triangle’s x-axis formed. Likewise, it is the higher lows that fashioned the hypotenuse, indicating the bulls are gaining momentum. Most often than not, the ascending triangle pattern usually signals the start of a bullish campaign in regards to technical analysis. In the case of Cardano, a massive breakout is likely to happen before the trend lines meet.

Despite this bullish outlook, it will not be unusual to witness low trading volumes during the consolidation phase within the ascending triangle. Cardano is also projected to experience a brief price consolidation before embarking on its major bull run. A surge in trading volume will characterize this, which is projected to push the crypto coin price towards the $2.4 mark.

Cardano 4-hour chart

Cardano Price Prediction: ADA bullish price action to push it towards the $2.4 price region 2
Source: TradingView

According to Cardano’s Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators, the crypto coin is likely to experience a near-term price surge. On the 4-hour chart, it is evident that Cardano recently moved back to the overbought region, marking a positive price movement. The MACD technical indicator also indicates Cardano is bullish with its divergence above the signal line. If the crypto coin maintains the current price movement, it will likely break the $1.8 resistance barrier to move towards the $2.4 price target.

Conclusion

According to a section of crypto pundits, if Cardano maintains the current price movement, the crypto coin might skyrocket past key resistance levels to register a new all-time high price at around $5. Such a price movement will see Cardano become the 4th largest virtual asset by market capitalization in the crypto market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.
Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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