Cardano (ADA) is currently undergoing preparations to upgrade to the next stage on it’s roadmap dubbed Goguen. As preparations are underway, ADA price begins to rise.
ADA price has seen a steady decline into December, but looks set to take bullish action once again before concluding the year 2020.
At the time of writing, ADA price currently sits at $0.1551 – up 0.78 percent from it’s opening price today of $0.1540.
Use the oscillator below to check what role ADA might play in your portfolio.
The 1-Day chart show a steady decline in ADA price starting on the first day of December 2020 and progressing through the first week. The bearish activity seems to have now turned bullish as ADA price climbs from $0.14 to $0.155 in the last three days.
The Relative Strength Index (RSI) indicator shows us a consistent RSI level that is neither overbrought or oversold. Alongside this is the Historical Value Index (HV) which shows a correlation in which bullish momentum results in a reduction of volatility. This suggests a bullish trend is set to continue into late December until the ADA price RSI value breaches 70, and is considered overbought.
Observing the 1-Week chart overview, ADA saw a significant boost in price in mid-November. This is very strange as almost all other cryptocurrencies completely deteriorated in price as the result of the Bitcoin price correction on the 25th of November 2020.
The 1-Week chart RSI is bordering on the high mark, potentially signalling an overbought status, and a soon impending bearish response. HV levels though, are seeing a consistent plateau as volatility decreases minutely as ADA begins the week bullish.
Volume still remains low so, it is likely we won’t see huge movement in the next few days.
The ADA volatility chart depicts ADA at a high volatility level that shows signs of slight reduction towards 2021.
As can be seen from historical volatility patterns, this peak in volatility for ADA may well result in a swift bearish plummet suddenly if we go by past history.
This price prediction concludes that ADA price will continue bullish through the week towards $0.16 but may see sudden bearish retaliation. This prediction is crafted around the concerning volatility levels, the natural bearish flow of the market, and the history of ADA price swings.
Observing the RSI, HVI, and volume levels – ADA price charts depict short-term volatility reduction, increasing RSI levels, and slow bullish movement. If this bullish pattern were to continue, it could be expected that a resistance level will be found by the end of the week. At that point, a sudden bearish drop could potentially be expected in lieu of volatility levels/history.
As always, trade carefully, safely, and only trade what you can afford to lose.Disclaimer. The information provided is not 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.
This post was last modified on January 8, 2021 1:26 am
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