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The Cardano price prediction by Real Market Surfer suggests that the price will rise towards the $0.12 mark soon. The cryptocurrency saw a downward move towards the $0.102 level on the 27th of October.
1-Day Cardano price analysis
Cardano was priced at $0.101 US Dollars at the time of writing. The price approached a day’s high of $0.1057 on the 27th of October.
What to expect from Cardano?
ADA seems to be varying inside an ascending channel on the H4. The analyst expects the price to bounce off the lower boundary of the channel soon.
This is a long-term opportunity by Cardano and the cryptocurrency will form a wave count structure while progressing in the ascending channel. From here, the price is expected to rise across the midline of the channel and test the $0.13 mark, after which the price will get rejected by the resistance and move towards the $0.125 level and see another bounce.
The final bounce will lead the cryptocurrency to the end of the channel and its upper boundary. This idea will only come into play if the cryptocurrency holds the lower boundary of the channel lieu of breaking towards the downside.
Cardano to see an upwards breakdown?
Looking at the chart below, we can see that the cryptocurrency is testing a resistance cluster. The price fell against a downward resistance and moved below the $0.104 level.
The Moving Average Convergence Divergence (MACD) line and the signal line are looking towards a cross where the MACD line is going to move above the signal line. The histogram size is decreasing in the negative region. This suggests a bullish bias for the cryptocurrency. The price will have to break above the resistance cluster and move across the horizontal resistance and the falling trendline. The take profit for this trade lies above $0.12.
Cardano price prediction: Rise to $0.125 ahead?
We can see a harmonic pattern forming up on the H4 time frame below. The cryptocurrency is travelling inside a falling channel, and the analyst expects the price to break towards the upside.
If the wave pattern is completed, the cryptocurrency’s price will stretch upwards to complete the ABCD pattern. The D wave leads the price across the descending channel, while the ADA price trades near the lower boundary of the channel. The take profit for this trade is marked at $0.125.
Cardano to see a possible short entry
Vince Prince expects the cryptocurrency to form a wave count inside a descending channel that they’ve sketched on the H6 time frame for the ADAUSD pair.
The cryptocurrency has a confirmed support that lies short of the $0.10 level. For now, the price is expected to head towards the $0.11 level where it will see a ceiling resistance for the channel. After that, the upper resistance of the channel and the horizontal resistance highlighted in red will cause Cardano to face a price rejection and fall to the back up cluster below $0.10. This will also be a possible short entry for the cryptocurrency.
Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
