- Cardano price prediction expects a rise towards $1.
- Strong resistance lies at the $0.344 mark.
- Strong support lies at the $0.208 mark.
Cardano (ADA) has been on a sharp spike since the beginning of the new as the cryptocurrency market has exploded. As for the 24-hour price action, Cardano has been showing a steady upward climb. The daily low was $0.2057, while the 24-hour high was $0.3445. at the time of writing, Cardano stands at $0.2989.
Seventeen of the total twenty-eight technical indicators suggest a buy, five are neutral, and four are giving out a sell signal. The oscillator indicators are towards the overall sell signal as 4 sell, 4 neutral, and 3 buy signals. Most of the moving averages re-buy, with none of the indicators giving a sell signal.
Cardano price predictions: What to expect?
In his Cardano price prediction, analyst Wyckoffmode stated that Cardano has officially begun the phase E (Echo) of the Wyckoff Accumulation Schematic. The transition to phase E occurred as Cardano fully established the previous preliminary support level and substantially moved upward. In phase E, Cardano is expected to leave the current trading range of around $0.06 to $0.14.
Pullbacks and fluctuations are only temporary in Phase E, and higher levels of trading rages are established. The higher trading ranges are indications of higher potential targets. The analyst expects upward pressures to remain till March 2021 possibly.
In his Cardano price prediction, Wyckoff explains that the cryptocurrency is approaching the aqua-blue upward trend line and can establish itself along the trend line. On the aqua-blue trend line, Cardano, after reaching the $0.8 level, can make a jump for much higher trend lines. However, the white energy is currently at the top, and the analyst expects it to slope downwards. If that happens then, the first shakeout will become imminent.
The odds seem to be in Cardano’s favor, and the analyst states that a sharp breakout can happen. Although if Cardano crosses the $1 mark in a sharp spike, then strong corrections will take place, and it can take a while for the coin to continue an upward trend.
Analyst Rizwan has established an upward trajectory for Cardano in his Cardano price prediction. As per the analyst, Cardano is approaching the resistance level of $0.3440. Cardano, after crossing the resistance level, will test it once again before continuing its upward trajectory. The analyst states that Cardano is not moving at a speed it should be. Per the analyst, the slow movement of Cardano will result in Cardano crossing the $0.6 mark around mid-January. The $0.65 level will prove to be a strong resistance level for the coin. Cardano’s market sentiment appears to be bullish.
The majority of analysts are hopeful for Cardano’s future, and Cardano can be expected to strive for the $1 mark soon.
Analyst CC MiTo also identified an upward trajectory in their Cardano price prediction. The analyst expects Cardano to be testing various resistance as well as support levels along the way. The first pullback can be expected at the $0.39 level, and after testing the resistance a few times, Cardano might succeed. Per the analyst Cardano, after reaching a price of around $0.7, it can be expected to drop sharply after facing major resistance.