- Cardano price prediction expects a $0.106 high soon.
- Current strong resistance is found at the $0.10 mark.
- Support is found at the $0.910 mark.
The Cardano price prediction by Vince Prince shows that the cryptocurrency is going to gradually trend towards the $0.106 mark next. The price descended on the charts for the 2nd of November, and it moved towards the $0.092 level.
1-Day Cardano price analysis
At the time of writing, the cryptocurrency traded at $0.0926 US Dollars. The price was observed at a day’s high of $0.0999 at the start of the 2nd of November.
What to expect from Cardano?
Looking at the chart below for the ADAUSD pair, we can see that the price is held above this strong support at the $0.092 level. This is a flat support level, and the cryptocurrency has recently broken below a rising support level on the 26th of October, after which it moved towards this support.
In this trade setup, the analyst has introduced another ascending trendline, which currently lies below the flat support level, but we can see it stretching upwards. The analyst believes that this is a very strong support level, and the price will see an uptrend once it trends with it. Looking at the chart, we can expect the price to move past the $1.0 mark if it rides on this ascending trendline.
Cardano price prediction: What’s next for ADA?
The price has already tested the 45-Day Exponential Moving Average once. Per the analyst, the price is going to bounce off a second time from this technical indicator and fall towards the back-up cluster marked in blue.
Per the analyst, the back-up cluster should provide enough support to the cryptocurrency so that it moves towards the descending trendline in black. This wave towards the upside is expected to hold the amount of momentum required to break across the falling resistance, and the Exponential Moving Average marked in red.
The analyst also believes that each breakout towards the upside will follow a minor pullback, after which the price will bounce from the broken trendline to resume its ascension. Eventually, the price is expected to hit the lower boundary of the up-channel. The analyst is of the opinion that this test of the up-channel will cause the price to fall towards the $0.106 mark, which is where the target price for this trade setup lies.
Will Cardano see a long-term uptrend ahead?
The chart posted below depicts an upcoming uptrend towards the $0.338 level. This is a setup for a long-term trade towards the upside, and the analyst sketched this on the 1W time frame.
If we look at the ADAUSD pair’s volume, we can see that it has been decreasing with almost an equal number of red and blue candles. The falling trend is expected to break and turn around. The Relative Strength Index (RSI) closed at 51.68, which means that the cryptocurrency is still in the neutral region.
The Moving Average Convergence (MACD) line is expected to cross above the signal line, while the histogram size appears to be increasing in the negative region. The target price for this setup is marked at $0.338.
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