Sign Up on MEXCCardano Price Prediction: Bullish Pattern at Key Support Forecast 18% Rise in ADA Price; Enter Today?
Cardano Price Prediction: The Cardano price has been in a correction phase for the past three weeks, during which the altcoin tumbled from a peak of $0.46 to a low of $0.38, accounting 17.5% loss. However, since last week, the price has retested the aforementioned support twice indicating the formation of a double bottom pattern in the daily time frame chart. Here’s how this pattern may influence the future price trend of Cardano coins.
Key Points:
- In theory, the double bottom pattern reflects the increase in buying at a particular base support which encourages buyers for trend reversal
- Multiple technical levels concentrated at $0.38 validate this level as a higher accumulation zone.
- The intraday trading volume in the ADA coin is $214.5 Million, indicating a 26% loss
Source- Tradingview
The base support at which the Cardano price forms the double bottom pattern is $0.38 which is aligned with 50% Fibonacci retracement level. A correction phase to the 0.5% FIB is beneficial for buyers to recuperate the bullish momentum and prolong the prevailing bullish trend.
Today, the ADA price trades at $0.389 with an intraday gain of 0.75%. Moreover, the daily candle shows a hammer-type candle at $0.38 support indicating a higher possibility of price reversal.
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This potential rally may drive the coin price to 8% to challenge the neckline resistance of this pattern at $0.42. A bullish breakout above this candle will strengthen the buying pressure and raise the coin’s market value by another 9-10% to hit the last swing high resistance of $0.46.
On a contrary note, a breakdown below $0.38 will offset the bullish pattern and prolong the correction phase.
Technical Indicator
Relative strength index: A slight bullish divergence in the daily RSI slope reflects the increasing buying pressure which may encourage the completion of a double-bottom pattern.
Exponential Moving Average: The 100-day EMA aligned with the $0.38 mark increases the support strength of this level.
Cardano Coin Price Intraday Levels
- Spot price: $0.388
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.4 and $0.46
- Support level- $0.38 and $0.35
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