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02/06/2024

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ADA Price Prediction: Will Cardano Cross $1 In This Bull Run?

With the overall market reflecting a calmness, the altcoins are predicting a storm coming in for the crypto market. As the altcoins are preparing patterns for a reversal or breakout, ADA price is forming a...

ADA Price Prediction: Will Cardano Cross $1 In This Bull Run?
ada

With the overall market reflecting a calmness, the altcoins are predicting a storm coming in for the crypto market. As the altcoins are preparing patterns for a reversal or breakout, ADA price is forming a channel in the daily chart. 

Further, the market is ready for a “pre-haling rally” in the coming week that may soon spark a new altcoin season. Hence, the general sentiments support the bullish reversal in Cardano. 

With the increasing bullish expectations, will ADA token prices reach the $10 mark? Find out NOW in our Cardano price prediction

Bearish 50D EMA Dominates Cardano

Source – Tradingview

Prolonging the falling channel in the daily chart, the Cardano is showcasing a bearish influence over the price trend. The declining trend resonates with a gradual fall in the trading volume over the period, teasing a downfall. 

Moreover, the recent bull cycle in the channel struggles to surpass the 50-day EMA and the overhead resistance trendline. Thus, the ADA price reverts with a double top pattern, leading to a drop below the $0.50 mark.

Currently, ADA price trades at $0.49 and displays a 0.61% intraday fall while teasing a sharp correlation to $0.45.

Technical indicators:

RSI indicator: Despite the declining price trend, the daily RSI line shows a gradual reversal before the oversold boundary line. Further, the bullish divergence is visible, which increases the bullish breakout credibility in ADA price. 

Will ADA Price Leap Beyond $0.60?

With the ongoing correction teasing a retest of the 50% Fibonacci level at $0.454, the ADA price trend expects a drop in the short term. However, the growing divergence and the change in market sentiment tease a bullish reversal in Cardano, potentially leading to a channel breakout. 

In such a case, Cardano can reach the $0.668 mark in the coming week. On the downside, a drop below the support trendline can test $0.40.

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Photo of Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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ORIGINAL SOURCE

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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