TL;DR Breakdown
- Cardano price prediction expects a rise to $0.21.
- Strong resistance is found at $0.185.
- Strong support is found at $0.175.
The Cardano price prediction by Vince Prince suggests that another bull flag will take place on the trading charts. The ADAUSD pair is expected to rise towards the $0.21 level after the coin completes this second bull flag.
On the 1st of January, the cryptocurrency hit a high between the $0.184 and the $0.185 levels on the daily time frame.
1-Day Cardano price analysis
The Cardano price observed multiple up and downs on the charts for the 31st of December and the 1st of January. At the time of writing, the cryptocurrency was trading at the $0.1806 mark. The highest price approached by the cryptocurrency was $0.18449 on the 1st of January. Whereas the lowest price mark hit during the daily trade was $0.17666.
The oscillators show that the cryptocurrency is under a buy signal and the price should rise up next in the smaller time frames. The Relative Strength Index (RSI) closed near 43 while it recently returned from the oversold region. The Moving Average Convergence Divergence (MACD) line has moved above the signal line while both of them are in the negative region. The histogram size for the technical indicator appears to be increasing in the positive region. This shows that the coin is under a bullish bias in the short term.
The ADA price appears to have been testing the midline of the Bollinger bands near the time of writing, whilst the lower Bollinger band has been acting as the support for the cryptocurrency’s price. Cardano should show sideways movements over the next 4H time frame.
Cardano price prediction: Ascension towards $0.21 ahead?
Vince Prince believes that the ADAUSD pair has recently completed a bull flag on the 2H time frame, and it is about to form its next bull flag ahead. The cryptocurrency has been trading inside a falling channel after breaking out of a preceding descending parallel channel on the 28th of December.
The cryptocurrency will likely bounce off the midline of the falling channel and observe an upward breakout. This breakout will be followed by a retest of the broken trendline by the ADA price, per the Cardano price prediction. Vince Prince’s idea for the cryptocurrency shows that the price will accumulate above the falling channel until it gathers enough bullish momentum to see an ascension above the boundary of the channel.
In this Cardano price prediction, the analyst highlighted a wave count that the cryptocurrency is supposed to complete. The wave count began forming inside the upper falling channel, and the price is expected to hit the F point up next. The final wave extension lies at E which is marked at the top of the trade setup, above the $0.21 level. This is also where the cryptocurrency will achieve its target price, per the analyst.
The bull flag pattern is basically an ascension that occurs after the asset breaks out of a falling channel. This occurred previously on the 28th of December, and the analyst expects the price to repeat this bullish pattern on the charts. This bullish formation is one of the stronger uptrends in stocks.
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