- Cardano price prediction expects volatility to end.
- Current indicators point to a sell.
- The long-term outlook is bullish.
Cardano ADA has had a rough year with some very volatile ups and downs. Towards the end of the year, Cardano picked up the pace and achieved its year high of around $0.1718. currently on a downward spike, Cardano can be expected to rise once again and even surpass its previous year high.
Cardano achieved its day high during the start of the day at $0.155, but after a volatile descent, it achieved the daily low at $0.1305. Currently, Cardano ADA is priced at $0.1394 at around 0.5 Fibonacci retracements. Analysts are hopeful that Cardano will not fall further than this level as strong support can be expected at the $0.135 region. The next level of support can be found at $0.123 at 0.618 Fibonacci retracements.
Cardano price prediction: What’s next for Cardano
The technical indicators are signaling a sell. Out of the 28 indicators, 10 suggest a sell, whereas only 6 suggest a buy, and the rest are neutral. The majority of the oscillators are neutral, while the moving averages suggest a sell. The overall market sentiment seems bearish.
Cardano ADA seems to have formed a coherent wave count formation. The wave appears to be moving upwards, and if Cardano ADA follows the wave, it will definitely be on a gradual climb with a break out towards the upper region at around $1.1. The new year may bring good news for traders worldwide as good things can be expected from Cardano. The relative strength index is currently at 49 and is neutral. The moving average convergence/divergence at 0.008 is giving out a sell signal.
Earlier this week, Analyst Vince Prince had identified a symmetrical triangle formation with a wave count. The predictions stated a 65% possibility of a break out towards a bullish zone. However, Cardano ADA disappointed traders when it broke out towards the bull zone. Cardano crossed the lower boundary of the formation as well as the 400-EMA level. Currently, Cardano is in a bearish continuation confirmation zone. The possibilities of breaking out of the zone appear to be bleak as Cardano seems to be diving deeper and deeper into the zone. Cardano will be testing many further levels soon.
Cardano ADA has managed to stay over the 200EMA level, which is a good sign. The Parabolic stop & reverse has been indicating an upward movement. Cardano has moved out of the Ichimoku bear zone and is back to the Ichimoku equilibrium. The formation of an upward pitchfork has also been identified. The pitchfork is a clear indication of future bullish trends. Some analysts are very optimistic and believe that Cardano ADA can move above the yearly high level.
With many suggestions for long positions, the overall sentiment seems to be moving towards bullish. As Cardano has had an overly high market capitalization, it is one of the most easily accessible cryptocurrencies in the market. The new year predictions are optimistic for Cardano. Long term investment currently seems to be the better option as some predictions state Cardano will cross the $2 mark by 2025.