TL;DR Breakdown
- Cardano price prediction expects a retest to $0.35 high.
- Strong resistance lies at the $0.34 mark.
- Strong support lies at the $0.29 mark.
The Cardano price prediction by Vince Prince shows that the cryptocurrency will retest the $0.35 mark soon. On the 7th of January, the ADA price rose above the $0.35 level during Bitcoin BTC’s price surge. The cryptocurrency is priced at $0.317 at the time of writing.
1-Day Cardano price analysis
The crypto market has seen a rise on the 6th and the 7th of December, where the price rose past the $0.35 level. Cardano and Ripple have been treading near similar price ranges recently. The highest point that the crypto asset hit on the 7th of January during its price ascension was $0.354, whereas the lowest price point was the $0.306 mark.
The technicals show that the ADAUSD pair is in a buying position at the moment. Four out of the eleven oscillators are at a selling position, while three indicate a sell signal for the trading pair. The rest of the four oscillators stand neutral. Thirteen out of fifteen Moving Averages show a strong buying indication, while one stands neutral, and the other stands at a selling point.
The Moving Average Convergence Divergence (MACD) line is moving flat along the signal line in the positive zone, while the histogram is decreasing its size in the green region. The Relative Strength Index (RSI) has flatlined at 70, and it has recently returned from the overbought region. This could mean that the uptrend is coming to an exhaustion phase where the cryptocurrency has depleted its bullish momentum. However, the cryptocurrency is still moving between the $0.31 and $0.32 price levels, with a minor price descent that it observed after falling from the $0.35 mark.
The Bollinger band started expanding after the 2nd of January, and the expansion grew bigger and bigger as the price ascended across $0.35. The ADA price has been riding the upper Bollinger band throughout the uptrend, and the price has recently bounced off the band, which acts as the resistance now. The midline will provide support to the cryptocurrency if it moves towards the downside. The price volatility is at its highest value for this week now.
Cardano price prediction: What to expect?
Vince Prince’s Cardano price prediction shows that the cryptocurrency will bounce off the bottom of the falling channel, and it will move towards the top of the channel a breakout. Per the 30-minute time frame analysis, the cryptocurrency will rise towards the $0.35 mark again.
The analyst’s chart depicts a wave count for the cryptocurrency. The bounce cluster lies at the bottom of the down-channel, and the price should see a entry-level for a long position here. Per this Cardano price prediction, the target price lies at the $0.350 mark, whereas the stop-loss was marked at $0.311.
The analyst also mentioned that this is a potential bull flag formation, which is a bullish indicator. If the cryptocurrency breaks above the down-channel, the price will be due to retest the broken trend line. After accumulating for a bit, the price will re-bounce towards the upside and make its way for higher resistances. If this Cardano price prediction comes into play, the cryptocurrency will rise above the $0.37 mark.
