Logo
Cardano Ecosystem

Investingcube

06/14/2022

·

426 views


Cardano Price Prediction: Current Price Surge Unlikely to Hold

Cardano is up by 6 per cent in today’s trading session. The price increase in the markets comes amidst weeks of a strong bearish trend that has seen the crypto lose 21 per cent of its value in June...

Cardano Price Prediction: Current Price Surge Unlikely to Hold

Cardano is up by 6 per cent in today’s trading session. The price increase in the markets comes amidst weeks of a strong bearish trend that has seen the crypto lose 21 per cent of its value in June alone. 

Throughout the year, Cardano has also trended aggressively downwards. In May, Cardano was down by 46 per cent at some point and closed the month with a 17 per cent price drop. The current aggressive bearish trend has also seen the crypto lose 62 per cent of its value since the year started. 

Cardano Price Prediction

Today’s trading session is up by 6 per cent after hitting a long-term support level of $0.444. After hitting the support levels, there was an expectation that the prices would break to the downside and trade below $0.444. However, today’s trading session’s price gain is changing that perspective for the short term. 

There is a high likelihood that the current price surge is a retracement rather than a price reversal. It makes sense looking at the past few trading sessions’ price action, where prices have bounced from the support level and failed to break to the downside.

Therefore, my Cardano price prediction expects the current retracement that has resulted in the price surge to be short-term. It is highly likely that the prices will reverse intraday, or in the next few trading sessions and resume the bearish trend, I expect the prices to finally break the support level to the downside and trade below the $0.444 price level.

However, if the prices trade above the $0.55 price level, then my bearish trend analysis will be invalidated. It will also mean a possible price level that will likely see prices rise to trade above the $0.65 price level. Hitting the $0.55 price level may also signal a possible trend reversal, which may push the prices past the $1 price level in the long term.

Cardano Daily Chart

AD

World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!


Read Original Article on Investingcube

ORIGINAL SOURCE

https://www.investingcube.com/cardano-pr...

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.


More from Investingcube

See more
Crypto Payments Network COTI Teases Major Announcement At The Cardano Summit Later This Month
Investingcube
Crypto Payments Network COTI Teases Major Announcement At The Cardano Summit Later This Month

11/06/2022

·

574 views

Related News

See more
WingRiders Governance Token

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)
Bringing Fixed Assets (CNFT & CNT) Lending & Borrowing to CardanoWorld’s First Multi-Token ISPO — By Genius X