- ADA price rose to $0.112
- Cardano price to ascend to $0.1166 per analyst
- Price observed sideways movement on the 19th of November
The Cardano price prediction by Vince Prince suggests a rise towards the $0.1166 mark for the ADAUSD pair. The cryptocurrency observed an uptrend during the 24-hour trade.
1-Day Cardano price analysis
The cryptocurrency was priced at $0.11038 at writing time on Bitfinex. The cryptocurrency rose to the $0.112 level as the day’s high.
What’s next for the ADAUSD pair?
We can see that the ADA price moved below multiple support levels during August and September, these support levels are now resistances. The price has been trending above an ascending trend line and the cryptocurrency has been testing the $0.111 level from October.
We can see that an ascending triangle has formed on the chart above, with the resistance at $0.111. From here, the price is expected to bounce off the upper boundary of the triangle and move towards the ascending trendline. This is a setup for a short-term entry-level.
A bounce from the ascending line will cause the cryptocurrency to rise towards the resistance for a retest. If the ADAUSD pair gains enough momentum, the cryptocurrency will break towards the upside and rise to test the $0.128 mark later.
Cardano price prediction: Rise towards $0.1166 ahead?
Per the chart below, the cryptocurrency had escaped a big falling triangle on the 16th of November, and the cryptocurrency trend above an ascending trendline that is expected to lead the price towards the $0.1166 level.
The starting level for the long-position here is at $0.1063, and the cryptocurrency will move towards the $0.1166 level, per this trade setup. The stop-loss was marked at $0.0958. The analyst highlighted a flat resistance at the upside target, at $0.1166, and they believe that the price will get rejected near that resistance and fall towards the rising trend line marked in black. The trade volume has increased over the past few days for the cryptocurrency, and the price is holding above the Exponential Moving Averages (EMA) marked in the structure. These include the 65-EMA and the 500-EMA.
The long-term Cardano trade
Currently, Cardano is priced around $0.10 cents which makes it cheap to buy. The analyst suggests traders to buy 10000 ADA, and then wait for the cryptocurrency to close the month with a white bar, per the chart below.
If the cryptocurrency closes bullish on the monthly time frame, the price will gradually move towards the upside. The analyst expects the cryptocurrency to eventually hit the $10, $50, and $100 resistances.
Cardano technical indicator movement
The Bollinger Bands showed an increased expansion near the time of writing on the 20th of November. The cryptocurrency is above the midline and it currently rides along the upper Bollinger band. The Relative Strength Index (RSI) closed at 54, which means that the altcoin is still in the neutral zone. The Moving Average Convergence Divergence (MACD) line moved towards the signal line from the upside, and the histogram size is decreasing in the positive region. This suggests a bearish move for the cryptocurrency.