Cardano price prediction: ADA to fall to $1.20 support after rejection at $1.350

TL;DR Breakdown

• Cardano price is expected to fall below $1.260
• The closest support level lies at $1.250
• ADA faces resistance at the $1.30 and further above at $1.350 mark

Cardano price has broken above the $1.20 mark and steady bullish momentum has carried the price to challenge the $1.30 mark. BNB records an over 4 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market enjoys a bullish sentiment across the last seven days with most major cryptocurrencies recording profits across the timeframe. Major Players include Ripples XRP, and BNB that record a 3.39 and a 1.32 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 0.9 and a 10.90 percent hike respectively.

Technical indicators for ADA/USDT

Technical indicators for ADA/USDT by Tradingview

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price struggled to climb at the 0.0350 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little below the 60.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.

The Bollinger bands are currently wide and as the bulls show signs of activity in recent hours, the Bollinger bands will expand in the short term. Currently, the indicator suggests high Cardano price volatility in the short term and shows an inclination towards the upper limit as the price consistently above the bands’ mean line.

Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator issues a sell signal suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 16 of the 26 indicators suggesting a bullish movement against only one indicator suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing

What to expect from Cardano price?

After the rejection from the $1.350 mark, the Cardano price seems to be in a downwards trend heading towards the $1.20 support level. While the mid-term technical analyses remain bullish, the short-term indicators suggest a bearish reversal for the Cardano price action. As such, traders can expect ADA to drop down to the $1.20 mark with further downwards movement unlikely due to the strong bullish support at the level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.