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.
Also Read: Top 10 Crypto Margin Trading Platforms In Australia
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
- Trader Predicts Dogecoin November Breakout as Murad’s Memecoin Holdings Drop 59% to $27.5 Million
- Whales Open $71 Million ASTER Short After CZ’s “Buy and Hold” Reveal
- Expert Warns XRP Investors of “ Extremely Mediocre” Growth Next to Solana’s 100x Activity Surge
- Michael Saylor Teases 13th Straight Bitcoin Buy as Trump Unveils New U.S.-China Trade Deal
- Shiba Inu Team Launches Network Upgrade for Shibarium Amid Fresh Hack Concerns
- ZKsync Price Surges 90% on Vitalik’s Comments: What’s Next?
- $100K or $125K? Crypto Analysts Split on Bitcoin Price Prediction Despite U.S.–China Trade Deal
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
- How High Can Zcash Price Go In November?
- SOL ETFs Records $44.4M in 4 Days: What’s Next For Solana Price?
- Why Is TAO Price Skyrocketing Today?
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.
