Cardano Price Analysis: ADA/USD Bullish for the next 24 hours

Cryptopolitan 4 months ago Report
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TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD is currently trading at $1.15.
  • Support at $1.15 is still strong.

Cardano price analysis is bullish today. Yesterday, ADA/USD saw a quick test of $1.2 previous support with good buying volume. At the time of writing, ADA is trading.

Support at $1.15 is still strong and visible on most charts. Still, if there’s another retest, Cardano buyers will likely struggle to keep the price above the $1.1-$1.12 level again until mid-October, when we expect some more gains in Cardano price prediction. Trade safely out there.

ADA/USD is bullish in the short term. The price is about $1 higher than yesterday’s open, with ADA trading at $1.15 as of writing. We can see that it has managed to break up through short-term resistance at $1.13. It was met with selling pressure towards $1.2 but still managed to stay above support at $1.11-$1.12, which will keep the price bullish for now if it holds until mid-October.

Cardano Price Prediction is bullish in the short term but bearish in the long run. We can see that ADA price has managed to break above the 50-day moving average, giving temporary momentum for another push up towards key resistance at $1.2-$1.25. However, once it reaches there, Cardano buyers will likely struggle to keep the price above the $1.15 level again until early November, when we expect some gains according to our technical analysis and fundamental expectations.

The 100-day moving average line currently stands at $1.36, and the next upside resistance is close to $1.4, just below the current price of $1.15. According to our Cardano price prediction, these levels will likely represent a strong resistance for ADA/USD, and we could see another pullback towards the $1 level before further gains.

The trading volume seems to be picking up after yesterday’s drop-off, which was likely caused by fake news around Coinbase potentially adding ADA trading pairs to their exchange.

ADA/USD 4-hour chart: ADA finds support at $1.15 again

On the 4-hour chart, we can observe that the Cardano price is trading inside an increasingly narrow consolidation range.

 ADA/USD Bullish for the next 24 hours 1ADA/USD 4-hour chart. Source: TradingView

Cardano’s price action has remained uneventful over the past weeks. After several days of consolidation above $1.30, ADA/USD plummeted on the fifth of January, reaching a low of $1.20 afterward.

The price of Litecoin, like many other cryptocurrencies, has been steadily declining since the beginning of April. It dropped to $55 and traded between there and $60. It’s currently testing support at around $1 for each coin.

As a result, we can observe that Cardano has formed a consolidation phase. Later today, we anticipate testing the upper boundary once again. However, until ADA/USD makes a clear advance higher, we anticipate more selling to follow later this week.

Cardano Price Analysis: Conclusion 

The Cardano price is currently being bullish as we witnessed the $1.15 support challenged once again, with strong support offered. As a result, ADA/USD is unlikely to fall further, and we may expect additional attempts to recover.

Disclaimer. The information provided is not trading advice. 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.

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