Cardano Price Prediction: ADA readies for another run to $1.30
Cardano price was able to close above a critical support zone on Monday, reducing fears of a bearish continuation move. 18% rise expected as ADA moves towards its first primary resistance cluster. Downside risks remain but are likely limited....
- Cardano price was able to close above a critical support zone on Monday, reducing fears of a bearish continuation move.
- 18% rise expected as ADA moves towards its first primary resistance cluster.
- Downside risks remain but are likely limited.
Cardano price experienced a nice jump higher on Monday, closing the session with a 5.5% gain. Concerns about crossing and staying above the Kijun-Sen continued until almost, literally, the last minute of the daily candlestick. Bulls have one more nearby resistance level before ADA would likely move towards $1.30 – the primary resistance level on its chart.
Cardano price action must close at or above $1.15 to maintain the current bullish momentum
Cardano price action is likely setting up for a move to restest the critical resistance zone at $1.30. But before $1.30 can be tested, Cardano needs to move and close above the next Ichimoku resistance level on its daily chart: the Tenkan-Sen.
The Tenkan-Sen is the weakest level within the Ichimoku system and is more of an indicator of near-term momentum than a typical moving average. The slope of the Tenkan-Sen displays the strength of the current momentum, but it also acts as support and resistance. If bulls can push Cardano price to a close at or above $1.15, ADA will then be above the Tenkan-Sen.
From there, it is a relatively easy road to $1.30 – but that is where things become more complex. The level at $1.30 is the primary resistance cluster before Cardano price begins a new expansion towards new all-time highs. The $1.30 value area contains the 38.2% Fibonacci retracement, top of the daily Ichimoku Cloud (Senkou Span B), the extended 2021 Volume Point Of Control, and the weekly Tenkan-Sen. Above $1.30 is a wide-open expansion move with little in the way of Cardano moving back to the $3 level.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
