- Cardano price predictions expect retest to $0.175 levels soon.
- Strong support found above $0.160
- Strong resistance found at $0.170 levels.
The Cardano price prediction by Mohsen Aminii shows that the cryptocurrency has entered a short-entry level here, and the price is expected to go to the $0.160 mark. The cryptocurrency hit the $0.175 level on the 17th of December.
1-Day Cardano price analysis
Looking at the daily chart above, we can see that the price observed an ascending slope until before 17:00 GMT on the 17th of December. The crypto market has seen a major incline over the past 40 hours, and the price reached a high of $0.175 during the day’s trade. The lowest price was marked at the beginning of the day, near $0.149. At the time of writing, the ADA price was observed at $0.1661.
Inverse head and shoulders for Cardano?
The inverse head and shoulders pattern can be seen forming on the chart below, and the price has started to ascend right after the completion of the inverse H&S and pattern.
As the inverse H&S is a bullish indicator, the price should rise across the $0.25 mark after this per the analyst. The price has seen an increasing slope, and the Relative Strength Index (RSI) has concluded close to the oversold region, and it shows divergence towards the upside. The 20-Day Moving Average has been traversing upwards while it supports the price trajectory above it.
Cardano price prediction: Short-entry ahead?
The Trading View analyst Mohsen Aminii believes that the cryptocurrency will bounce off the top of the horizontal resistance found at the top of the trade setup. The ADA price is testing the top of the resistance and the analyst believes that the cryptocurrency’s price will bounce off from here and move towards the $0.16 level.
The horizontal support at the $0.16 is where the analyst believes that this trade setup will cause the ADA price to move short. The price rejection offered by the horizontal resistance will cause this price bounce, and the cryptocurrency is expected to fall from here. This will be a sell signal, in the analyst’s opinion.
What to expect from Cardano?
The cryptocurrency is rising in a continuous parallel ascending channel, and the analyst believes that the price will continue to rise until it reaches the $0.2 mark.
The wave-like movement observed in the chart above was marked inside a big falling triangle pattern until the cryptocurrency entered a rising channel. The up-channel led the price out of the triangle pattern, and the price is expected to continue to rise from here. This price ascension is due to the break out of the bigger triangle pattern.
What’s next for the ADA price?
The Trading View analyst Duke Dinhd built an up-channel for the ADAUSD trading pair. The price is currently experiencing a resistance near the $0.166 mark, and it is expected to accumulate here until it can finally break out towards the upside.
If the cryptocurrency continues to ascend in this channel, the overall rise will allow the cryptocurrency to reach the $3 to $4 range by the end of the year 2021.