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Cardano Price Prediction: While many cryptocurrencies have been part of the recent recovery rally, the ADA coin entered the game a bit later but has quickly made up for lost time. Starting from a solid support level of $0.24, the asset has surged by approximately 20%, currently trading at $0.286. Notably, this uptick also marked the completion of a bullish double-bottom pattern, suggesting the potential for further gains.
Also Read: ADA’s Bullish Potential Hinges on $0.40 Breakout for Rally Towards $1
Double Bottom Pattern Hints Further Rally.
- Overhead supply hints the ADA price could see a minor pullback before the next leap
- The $0.3 level aligned with a long-coming resistance hints at a high supply zone for traders.
- The intraday trading volume in the Caradno coin is $207 Million, indicating a 30% loss
Source- Tradingview
On October 23rd, the Cardano price broke through the neckline resistance of the Double bottom pattern, signaling early indications of a sustainable recovery and infusing the market with bullish momentum.
Although the asset rallied to a high of $0.294 post-breakout, it couldn’t sustain these levels, likely due to the influence of the leading cryptocurrency Bitcoin struggling to break the $35,000 barrier. Consequently, the ADA price has seen multiple rejections candle around the $0.295 mark, hinting at an upcoming retracement.
This anticipated pullback could find support around the $0.28 level, followed by $0.268. Should the price stabilize above these points, it would provide a strong base for the next upward movement.
Will ADA Price Hit $0.3?
After the substantial gains over the past two weeks, a minor retracement is not only expected but healthy for sustaining longer-term bullish momentum. If the ADA price maintains levels above $0.28 or even $0.265, it would be well-positioned to complete the Double Bottom pattern, targeting the $0.3 mark—a potential gain of approximately 6% from current levels.
- Bollinger Band: An uptick in the upper band of the Bollinger Band indicator shows that buying pressure remains strong.
- Vortex Indicator: The VI+ (blue) line crossing above the VI- (pink) further affirms the asset’s bullish posture.
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