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Cardano Price Prediction: Amid a two-month consolidation period, the ADA price has seen repeated rebounds from its $0.24 support level, signifying a high accumulation zone. The daily chart reveals that this sustained support, combined with the broader bullish sentiment in the crypto market, has contributed to the formation of a double-bottom pattern, a known bullish reversal signal.
Also Read: Binance Removes ADA, MATIC, SHIB, DOGE, SOL & Other Top Liquidity Pools
Is ADA Price Recovery Heading to $0.3?
- The ADA price rising for three consecutive days with sufficient surge in volume indicates a sustained recovery.
- The double-bottom setup sets the altcoin for a 16% upswing
- The intraday trading volume in the ADA coin is $123 Million, indicating a 15% loss
Source- Tradingview
On October 19, the Cardano price saw a strong rebound from its yearly support at $0.24, marked by a bullish engulfing candle. Over the past three days, this has resulted in an 8.8% recovery, taking the coin to its current trading price, which appears to be a typo at $0.26.
This upward momentum has resulted in the formation oaf a Double Bottom on the daily chart—a pattern often seen at market bottoms, indicating increased buying interest. If the pattern holds, we could see the ADA price rise another 3.7% to test the neckline resistance at $0.27.
A successful breach of this resistance with a daily candle close above it would provide bulls a strong foothold for a continued rally. Following the breakout, prices could surge 12% to reach the psychological resistance level of $0.3.
[converter id=”ada-cardano” url=”https://coingape.com/price/converter/cardano-to-usd/?amount=1″]
Will ADA Price Prolong Sideway Trend?
While the short-term outlook for the ADA price appears bullish, it’s worth noting that the coin’s mid-term trend remains bearish. A look at the daily time frame shows the correction trend can be followed by a downsloping trendline. This dynamic resistance is currently wavering around the $0.28 mark, increasing the supply pressure of this horizontal level. Therefore, if altcoin shows signs of rejection at this barrier, it’s likely that the coin will continue its sideways trajectory.
- Relative Strength Index: A significant rise in the daily RSI slope accentuates the rising buying pressure around the $0.24 mark.
- Super Trend Indicator A green flag projected in the daily time frame chart shows a recovery sentiment is active among traders.
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