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Elevenews

01/08/2022

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Cardano Price Prediction: ADA positions itself for a 20% upswing

Cardano price is teetering off a crucial support level at $1.20, anticipating a bullish move. An increase in buying pressure could trigger a 15% run-up for ADA. A nine-hour candlestick close below $1.14 will invalidate the bullish thesis. Cardano...

Cardano Price Prediction: ADA positions itself for a 20% upswing
  • Cardano price is teetering off a crucial support level at $1.20, anticipating a bullish move.
  • An increase in buying pressure could trigger a 15% run-up for ADA.
  • A nine-hour candlestick close below $1.14 will invalidate the bullish thesis.

Cardano price is glued to a crucial support level touched many times in the past, most recently on January 5. This barrier is significant and will determine the next course of action for ADA.

Cardano price eyes a higher high 

Cardano price first set a swing low at $1.20 on December 3, 2021, and has since revisited it multiple times. From December 3 to December 20, ADA set up a bullish reversal pattern that resulted in a 32% uptrend in the next week.

The sell-off since then, however, has brought Cardano price back to retest the said level. A bounce from here is likely to kick-start another leg-up. The $1.38 ceiling will be the first hurdle ADA will face on its journey to $1.45.

Such a rally would constitute a 21% advance from $1.20. A good strategy would be for market participants to enter a long position at the retest of $1.20 and book profits at $1.38 and $1.45.

ADA/USDT 9-hour chart

ADA/USDT 9-hour chart

While things are looking up for Cardano price, the bullish outlook depends very much on what happens at the $1.20 support floor. There is a chance ADA could merely sweep this barrier to collect liquidity. Cardano price needs to stay above $1.14 for the bullish thesis  to remain intact. This is also where investors can place their stop-losses.

A nine-hour candlestick close below this area will invalidate the optimistic narrative and kick-start a descent to $1.05.

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ORIGINAL SOURCE

https://elevenews.com/2022/01/08/cardano...

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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