- Cardano Price Prediction says ADA coin is a strong crypto and will eventually rise in the long run.
- ADA Price is trying to climb above the 50 and 200 day EMA.
- Cardano Price forming a bullish continuation pattern.
Cardano Price Prediction suggests a rise and expected to perform well in the long run.
Slow and steady ADA Price is rising upward and buyers are trying to keep the price above the 50 day and 200 day EMA. However, the EMA is sloping sideways, denoting the price is expected to consolidate for some time in a narrow range.
Cardano price performed well in the past few months and showed a decent recovery from the lower levels. However, the prices lacked the momentum near to the previous swing high and entered into the consolidation.
Cardano price is trading at 0.3751 with an intraday decline of -0.74%. The 24 hour volume to market cap ratio is 0.0166. The ADA/BTC pair is trading at 0.00001381 with an intraday rise of 1.32%.
The correlation of ADA with Bitcoin is 0.67. Therefore, if Bitcoin performs then it will positively impact cardano prices.
At the mid of March, ADA price took support at $0.3000 and bounced back with a positive momentum. It rallied more than 50% in the period of two months and hit a swing high at $0.4620. ADA price formed a Doji candle in the supply zone and witnessed minor correction from the higher levels.
Will Cardano Price continue to rise?
Cardano Price is consolidating near to the demand zone and no signs of sharp up-move or down-move are visible. The price looks quite stable and sellers are facing difficulty to pull it further down.
The crypto market leader Bitcoin (BTC) and Ethereum (ETH) price is mildly bearish which is negatively impacting the prices of other Altcoins. Till ADA price is sustaining above the $0.3000 level the short term correction will be easily absorbed.
The ADA price will gain positive momentum when buyers break the $0.4000 level. Whereas, If the situation gets worse and prices slipped below $0.3487 then bears may try to drag it down to yearly lows. The technical analysis suggests, ADA Price is in bulls grip and slowly it will pick up the momentum.
ADA Price: Technical Outlook
ADA Price forming a bearish candle on a weekly time frame. However, Till the price holds $0.3487 the downside will remain limited. It performed well in the past two months and created a positive hope for long term investors.
If the overall market sentiment recovers then Cardano bulls will return back to track and the next phase of rally might begin.
The technical indicators like MACD had generated a positive crossover and histogram bar is rising. It shows ADA prices are likely to trade with a bullish bias more upward momentum is possible. The RSI at 49 denotes neutral territory and equal level of tug of war between buyers and sellers.
Conclusion
Cardano Price Prediction is bullish and expected to perform well in the long run. Presently, the prices are consolidating near to the crucial support and bulls are in a defensive mode. The technical analysis suggests. ADA Price is in a bulls grip but it will gain momentum only above $0.4620 level.
Technical levels
Resistance levels: $0.4620 and $0.5200
Support levels: $0.3487 and $0.3000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.