TL;DR Breakdown
- Cardano price prediction expects a rise to $0.35.
- Strong resistance lies at the $0.33 mark.
- Strong support lies at the $0.275 mark.
The Cardano price prediction by Enter The Roach suggests that the cryptocurrency will soon rise above $0.35 after moving for a long position. Per the analyst, the cryptocurrency is set for a bull flag formation, which is a bullish indicator.
1-Day Cardano price analysis
At the time of writing, Cardano was priced at $0.324. The cryptocurrency observed an uptrend on the 9th of January, where it saw a day’s high of $0.328, whereas the lowest price observed on the day was $0.296. Like Ripple XRP, the ADA price had been resting near the $0.2 to $0.22 range before it began following BTC’s price surge on the 6th and the 7th of January. The cryptocurrency observed a major uptrend and climbed across the $0.34 level on the charts.
The technicals show a buy position for the ADAUSD pair, where fifteen out of twenty-eight technicals lean towards the buyers’ side, 7 stand neutral, and 4 were observed indicating a sell signal. The oscillators mostly depict a sell signal, whereas the moving averages stand for the strong buy, with thirteen of these showing a buy signal.
The Bollinger bands show that the cryptocurrency had been supported by the midline for the past three days, and the price has recently moved above the midline. This means that the next target for the ADAUSD pair lies at the upper Bollinger band, which was observed at $0.337 on the 4h time frame. In the short-term, the cryptocurrency appears bullish with an expectation for a brief push towards the upside.
Cardano price predictions: What to expect?
The Trading View analyst Enter The Roach drew multiple possibilities for the ADAUSD pair that they believed that the cryptocurrency would follow in their Cardano price prediction. On the 9th of January, the ADA price rose above the falling channel, and the price seems to be heading upwards.
On this 1h time frame, the cryptocurrency was expected to see a wave count before breakout out of the down-channel. Per the analyst, the cryptocurrency is following a bullish flag formation, which is a bullish indicator. The analyst also stated that ADA is accumulating inside the down-channel and that traders should wait for the conversion line (blue) of the Ichimoku cloud to cross above the baseline (orange) if they are waiting for a confirmation of the bull flag.
The cryptocurrency has moved above the down-channel, which means that the price is heading towards a bull flag formation. If the altcoin follows the first wave extension in the Cardano price prediction, the price will rise above the $0.35 mark.
Trading View analyst Trade Psych believes that the cryptocurrency has broken a symmetrical wedge pattern after moving out of a down-channel in this trade setup. Now it will trend towards the upside. Per the analyst, the cryptocurrency has formed another symmetrical triangle pattern, and it is set to break towards the upside. Currently, the coin trades closer to $0.3, and if it breaks higher, the price will move towards the $0.34 range.
