The Cardano Price Prediction: A Potential Upside Breakout
Currently trading at $0.26, the Cardano price lacks short-term and medium-term support. However, if the price continues to rise, the coin may face a potential breakout.
Cardano Prediction Statistics Data:
- Cardano price now – $0.26
- Cardano market cap – $9.2 billion
- Cardano circulating supply – 35.1 billion
- Cardano total supply – 36.2 billion
- Cardano Coinmarketcap ranking – #8
ADA/USD Market
Key Levels:
Resistance levels: $0.30, $0.32, $0.34
Support levels: $0.22, $0.20, $0.18
The ADA/USD pair is currently trading around the $0.26 level and remains above the 9-day and 21-day moving averages. If the bulls push the market price above the upper boundary of the channel, the nearest resistance level could be around $0.27. Furthermore, if the market continues to rise, additional resistance levels can be found above the channel.
Cardano Price Prediction: Cardano (ADA) May Break to the Upside
According to current trends, once the sideways movement is over and the 9-day moving average crosses above the 21-day moving average, there is a likelihood of more bullish trends for Cardano in the future.
An analysis of the daily chart shows that while rebounding from a low of $0.25 above the moving averages, any bearish movement below this barrier could lead to a serious downtrend. The support levels for the coin are projected at $0.22, $0.20, and $0.18, while the resistance levels lie at $0.30, $0.32, and $0.34 respectively.
ADA/BTC Could Move to the Upside
In relation to Bitcoin, Cardano’s price is likely to cross above the upper boundary of the channel due to bullish movement. Technically, the current movement suggests that the 9-day moving average will cross above the 21-day moving average, further increasing the bullish trend.
If the Cardano price slides below the moving averages, ADA/BTC may head towards the lower boundary of the channel, hitting a support level of 870 SAT and potentially lower. However, if there is a bullish movement above the channel, it could initiate a new upward trend with potential resistance at 1020 SAT and beyond.
Cardano Alternatives
Despite experiencing difficulties in trading above moving averages in recent weeks, the Cardano price has seen a slight increase of around 0.39% during the European session today and is currently trading at $0.26 above the 9-day and 21-day moving averages.
Additionally, Cardano offers more than just mining Bitcoin on Ethereum as it eliminates security and centralization issues associated with cloud mining adoption. With zero technical know-how required and no upfront cost or hardware maintenance needed, users can easily get started with Cardano’s tokenization of Bitcoin cloud mining. The token has already raised nearly $600k in its presale.
Hot Take: Potential Upside Breakout for Cardano (ADA)
The Cardano price prediction suggests that if the current upward momentum continues, Cardano may experience a breakout. With the potential to surpass resistance levels at $0.30, $0.32, and $0.34, the coin could see significant gains in the near future. However, it is crucial to monitor the support levels at $0.22, $0.20, and $0.18 to assess any potential downtrend risks. Overall, Cardano’s performance remains promising as it aims to position itself as a leading cryptocurrency in the market.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.