- ADA price fell towards $0.103
- Cardano price expected to move to $0.100
- Bulls expected to follow and lead altcoin to $0.1150
The Cardano price prediction by Khiwe shows that the cryptocurrency will move short next and fall towards the $0.1008 level. This fall is expected to be followed by a bullish turn that will lead the cryptocurrency across the $0.1150 level.
1-Day Cardano price analysis
The cryptocurrency observed an abrupt fall during the first quarter of the 18th of November. The cryptocurrency fell to a day’s low of $0.1025, after which it saw sideways movements until the time of writing. As these lines are being written, the altcoin trades at $0.1071 US Dollars on Bitfinex. The cryptocurrency traded at a day’s high of $0.1117.
Inverse head and shoulders for Cardano?
Looking at the chart below, we can see that the analyst believes that an inverse head and shoulders pattern is forming on the ADAUSD charts. The cryptocurrency is expected to turn bullish after the completion of the pattern.
The price traded above an ascending trend line, with a flat resistance at the $0.113 level. From the bigger picture, the cryptocurrency is inside a big ascending triangle and it is to rise towards the upper resistance of the triangle. The inverse H&S pattern is a bullish pattern, and contrary to the normal H&S pattern, its completion causes the asset’s value to rise on the charts. Per the analyst, the cryptocurrency will break above the flat resistance and rise past the $0.15 level to complete this trade.
What’s next for the ADAUSD pair?
Another Trading View analyst believes that the cryptocurrency will see an ascension on the charts soon. Per the analyst, the price has approached a buy zone, and they have suggested traders buy the asset from this point.
The entry-level lies in the zone marked on the chart above, the cryptocurrency is moving towards the end of a big triangle pattern. The price volatility has decreased by a lot, and this means that the cryptocurrency will now look for a breakout. The strong trend line is acting as a support, which has been tested by the cryptocurrency in the past. The price is expected to break towards the upside and rise above the $0.16 level. The analyst believes that the cryptocurrency will begin a bullish run over a week’s time.
Cardano price prediction: What to expect from Cardano?
The chart below shows that the cryptocurrency will move towards the $0.100 mark next. Per the analyst, the nearest support lies near this mark, and Cardano is looking to move into a short-term trade.
If the price moves short from here, the trajectory will fall towards the flat support level formed and tested at $0.100. Per the analyst, the support is strong enough to withstand the short-position setup. Once the cryptocurrency observed a bounce-off from here, the cryptocurrency will run towards the $0.1182 mark.
The Relative Strength Index (RSI) on the chart above shows a move towards the downside. The RSI closed below the midline at 50.00, but it is still in the neutral zone. The next support for this setup lies at $0.096.