Cardano Price Prediction: Why $1.80 is a critical range to reach for ADA
Cardano has struggled to rally in a bullish direction since the beginning of October. While other assets reached… The post Cardano Price Prediction: Why $1.80 is a critical range to reach for ADA appeared first on Watcher Guru.
Cardano has struggled to rally in a bullish direction since the beginning of October. While other assets reached new all-time highs in Q4 2021, the 6th largest digital asset recorded new monthly lows. However, the trend might be reversing for ADA at press time. After reaching a low of $1.44, ADA is currently at $1.73, recovering by 18% from its recent low.
At the moment, Cardano registered a market cap of $55.6 billion with a trading volume of $3.3 billion over the past 24-hours.
Cardano 4-hour time frame
Source: Trading ViewCardano’s price ruptured a falling wedge pattern after almost a month-long decline. However, it was not a straight recovery. Since the 26th of November, ADA’s oscillated within a parallel channel, which underwent a bullish breakout over the past few hours. ADA’s recovery over the past day is more than 10%. Yet, a strong bullish narrative will be confirmed once the price closes a position above $1.80.
At the moment, EMA-50 and EMA-100 have turned support for the price, suggesting a strong bullish sentiment. Additionally, there is volume confirmation for the rising price as well, which indicates the strength of the current recovery rally.
Market Indicators
Source: Trading ViewMarket Indicators are collectively bullish for Cardano, as they all suggest a sense of reversal. RSI breached above the neutral level of 50 for the first time since 8th November. It indicates a revival of buying pressure from Cardano investors. Similarly, On-balance volumes exhibited exhaustion of selling momentum, with the indicator rising in the chart.
Lastly, MACD suggested a bullish reversal. With the MACD line(blue) crossing over the signal line(orange), the common notion is an immediate bullish trend.
How to invest in ADA right now
A bullish bias will be confirmed for Cardano once the asset crosses over $1.80 in the charts. However, right now, there might be a chance that the asset re-tests support range at $1.65. Leverage traders can wait for entries at $1.65, while spot entries are ideal at the current price range.
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