TL;DR Breakdown
- Cardano price prediction expects a rise and fall cross road.
- Strong resistance currently lies at the $0.31 mark.
- Strong support currently lies at the $0.23 mark.
The Cardano price prediction by Bonic suggests that the cryptocurrency is going to move bearish and fall towards the $0.15 to $0.2 range, with a chance of bullishness as well. If the bulls hold the up-channel recognized in the analyst’s prediction, the price might rise above $0.6 in the long-term.
On the 12th of January, the cryptocurrency moved above the $0.31 mark before returning to $0.28.
1-Day Cardano price analysis
Cardano ADA was priced at $0.285 at the time of writing. The cryptocurrency has been trading a little under the 30 cents mark after it saw bulls at the beginning of the day and rose across the $0.31 level. The highest the cryptocurrency achieved was the $0.3144 mark, whereas the lowest it dropped to was $0.2635.
As for the technicals, twelve out of twenty-eight indicate a buy signal, 10 are neutral, and 4 stand for the sell signal. The oscillators are almost all standing neutral, with one at the buy signal and another at a sell indication. Eleven moving averages favor a buy signal, 1 at neutral, and 3 with a sell indication. In this way, the moving averages suggest a strong buy for the crypto pair.
The ADA price is currently testing the midline of the Bollinger bands on the 4h time frame. If the price slips above the midline, the next target will lie at $0.34 with the upper Bollinger band.
Cardano price prediction: What to expect?
Looking at the 1D time frame, we can see that the cryptocurrency has reached the top of a long up-channel depicted in the Cardano price prediction by analyst Bonic. The analyst believes that the ADA price will see rejection here and then drop towards the up-channel bottom.
In the short-term, the cryptocurrency might form a descending broadening wedge pattern, which might be broken towards the upside as well. However, looking at the candles, the crypto asset is currently suffering from major resistance at the top of the channel, and the price is more likely to go down than up.
The analyst also discussed mid-term and long-term targets for the cryptocurrency, which look rather bearish as well. The mid-term patterns show that the cryptocurrency has made a big up-channel, and the price is expected to see a bearish breakout here as well unless the bulls come into play. The target price lies between $0.15 and $0.20 for this Cardano price prediction, just before the price breaks to the downside.
If the bulls allow an upward bounce and breakout, the price might even move above the up-channel and rise above the $0.6 mark. Though with the current technicals, the price seems more bearish than bullish. A fall below this channel would cause bearish continuation until the cryptocurrency reaches $0.11 to $0.13.
Analyst Wayne Pip Kill expects the cryptocurrency to drop towards the $0.12 support, where it will see a good entry-level for the buyers per the Cardano price prediction. The analyst thinks that the cryptocurrency is bullish with a target price above the $1.2 mark in the long-term. For now, the analyst marked two possible entry-levels for this long-term position, and they lie at $0.055 and $0.12.
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