Claim $500Cardano (ADA) Price Prediction: Face Upside Risk of 20%, Is The Right Time To Enter!
Cardano’s (ADA) price manages to trade in green on Friday following the previous two session’s declines. ADA price action shows resilience near the psychological level of support at $1.00. The containing of the critical level indicates a reduction in the bearish bias.
- Cardano’s (ADA) price trades higher as the weekend begins.
- ADA finds multiple support near the critical level of $1.01.
- Expect an upside of 20% from the current reading.
As of press time, ADA/USD is trading at $1.03, up 1.41% for the day. The seventh-largest cryptocurrency by market cap holds the 24-hour trading volume of $1,067,701,311 with gains of nearly 7% as per the CoinMarketCap.
As per the on-chain analyst, Ali Martinez’s activity on the Cardano (ADA) network has surged exponentially with the number of new daily addresses jumping from 167% to 112,500.
Cardano (ADA) awaits for U-turn
On the daily chart, Cardano’s (ADA) price has formed a ‘rectangle formation’ as the price has been trading in a short-term consolidation of $1.01 and $1.26 since January 23. ADA price has dropped below the 50-day Simple Moving Average (SMA) at $1.23.
However, ADA bulls need strong conviction to pull up the price toward the $1.10. Next, market participants will jump toward the upper trend line of the rectangle formation at $1.27.
Alternatively, a failure to sustain the lows of $1.01 will trigger the fresh round of selling opportunity aiming for an all-time new low.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) holds near 40 with a neutral stance. If the indicator crosses above the moving average line then it can support the bullish thesis.
MACD: The Moving Average Convergence Divergence (MACD) trades below the mid-line suggesting bulls still needs confirmation to continue the upside.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
