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Highlights
- Cardano's price analysis suggests a 15% rally to $0.790 in the near term, driven by technical indicators and bullish sentiment.
- The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicate a decline in bearish momentum, poised for a bullish reversal.
- Bullish fundamentals and technicals suggest a dip buying opportunity between $0.665 and 0.0684.
Cardano (ADA) price analysis forecasts a 15% rally to $0.790 in the near term. Investors will likely have the opportunity to accumulate ADA before this uptrend begins.
This optimistic outlook follows the release of bullish Cardano news, where Charles Hoskinson unveiled the first Bitcoin DeFi solution.
Cardano Price Analysis: Technicals Align, Forecast 15% Rally
The daily Cardano price chart shows a persistent downtrend since the December 3, 2024, peak of $1.326. This bearish trend has produced five distinct lower highs. However, since the February 3 swing low at $0.506, ADA has formed a higher low at $0.511 on April 7 and $0.616 on June 5. Interestingly, the ADA crash that led to the formation of the June 5 swing point flashed multiple on-chain buy signals for Cardano.
Despite this development, the trend remains bearish; however, there are a few improvements, as indicated by the Relative Strength Index (RSI) and Awesome Oscillator (AO). The RSI has bounced off the oversold level and is contending with the mean level of 50, which is a clear attempt by buyers to regain control. The same can be said about the AO, whose histograms have flipped green below the zero mean level. This development suggests a decline in bearish momentum.
All of these signs on the one-day chart indicate that the Cardano price is poised for a bullish reversal.
The 4-hour Cardano price chart provides a nuanced outlook with a bullish trade opportunity. The June 5 bottom at $0.616 led to a 15.71% rally, creating an equal high at $0.715. As ADA pulls back, there is an opportunity for traders to buy the dip before the token forms a higher low relative to the June 5 bottom, kickstarting the bounce.
A breaker is a flipped supply zone with trapped short sellers. This technical setup is similar to how a flipped resistance serves as support. The 8.41% Cardano price rally from $0.660 to $0.715 on June 9, flipped the aforementioned supply zone into a bullish breaker. Therefore, a bounce into the $0.665 to $0.684 zone is a good place to buy the dips or speculate on long positions as short covering provides the initial buy pressure.
The ideal take-profit level is the fair value gap (FVG), extending from $0.790 to $0.804. The lower limit of the FVG is 15% away from the bullish breaker’s $0.660 level. So, investors can expect a 15% gain speculating on this ADA price analysis. If the buying pressure sustains, ADA could retest the FVG’s upper limit at $0.804.
Invalidation Thesis
A breakdown of the breaker’s lower limit at $0.665 will signal a soft invalidation. If ADA breaks the June 5 swing low at $0.616, it will invalidate the bullish thesis, would continue ADA’s downtrend. In such a case, the ideal place to bid this token would be after a sweep of $0.506, where Cardano price formed equal lows.
This is a short-term price prediction for Cardano (ADA). For the long-term outlook between 2025 and 2030 – read this.
Frequently Asked Questions (FAQs)
1. What is Cardano's current price?
2. What is the predicted target for Cardano's price?
3. What could invalidate the bullish thesis?
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