Cardano Price Prediction: ADA resets before the next leg up to new all-time highs
Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48. A minor retracement to the immediate demand barrier at $1.34 seems likely. Shattering the resistance level at $1.48 forecasts a new...
- Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48.
- A minor retracement to the immediate demand barrier at $1.34 seems likely.
- Shattering the resistance level at $1.48 forecasts a new all-time high for ADA.
Cardano price awaits an expansion as buyers re-enter an accumulation phase before breaching a crucial overhead barrier.
Cardano price to pullback before catapulting higher
Cardano price is traversing an ascending triangle pattern formed when multiple higher lows and a series of highs are connected using trend lines.
In this setup, buyers aggressively bid up the ADA price, creating higher lows, while a cluster of sellers at $1.48 absorb this momentum, which produces swing highs.
A bullish breakout will occur when the sellers lose steam resulting in a surge higher. In Cardano’s case, the 48% upswing is determined by measuring the distance between the first swing high and low and adding it to the breakout point at $1.48.
This move places the ADA target at $2.16.
At the time of writing, the so-called “Ethereum killer” created another swing high as it failed to breach the triangle’s base. Interestingly, the Momentum Reversal Indicator (MRI) flashed a cycle top signal in the form of a red ‘one’ candlestick on the 12-hour chart.
This technical formation projects a one-to-four candlestick correction. The retracement will likely end around the MRI’s State Trend Support at $1.34, coinciding with the short-length, 25 Simple Moving Average (SMA).
A breakdown of this would not necessarily affect the upswing and would find stable ground for a reversal around the triangle’s hypotenuse at $1.26, which coincides with the long-length 50 SMA.
Therefore, investors can expect an upswing to emerge at $1.34 or $1.26.
ADA/USDT 12-hour chart
On the flip side, if the sellers’ ask orders dominate, the trend line connecting the swing lows could be breached. In such a scenario, market participants should expect a swift correction to $1.20.
If Cardano price breaches $1.15 and continues to descend, the bullish thesis will face invalidation and result in an 11% correction to $1.03.
Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.
If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us
