Cardano Price Prediction: $ADA Price May Rally 16% If Break this Key Barrier
- Cardano's price has been in a two-month consolidation period with repeated rebounds from its $0.24 support level, which suggests a high accumulation zone.
- The sustained support, combined with the overall bullish sentiment in the cryptocurrency market, has led to the formation of a double-bottom pattern, a bullish reversal signal.
Price Recovery and Targets:
- Over the past three days, Cardano's price has seen an 8.8% recovery, taking it to its current trading price, which appears to be around $0.26.
- A successful breach of this resistance level with a daily candle close above it could lead to a 12% surge in price, reaching the psychological resistance level of $0.3.
Sideways Trend Possibility:
- While the short-term outlook for Cardano's price looks bullish, the mid-term trend remains bearish, with a downsloping trendline visible on the daily time frame.
- This trendline is currently around the $0.28 mark, increasing supply pressure at this horizontal level.
- If Cardano shows signs of rejection at this barrier, it's likely that the coin will continue its sideways trajectory.
Indicators:
- The Relative Strength Index (RSI) shows a significant rise in the daily RSI slope, indicating increased buying pressure around the $0.24 mark.
- The Super Trend Indicator on the daily time frame chart displays a green flag, suggesting a recovery sentiment is active among traders.
Cardano's price may see a recovery with the potential to reach $0.3 if a resistance level is breached, but it also highlights the possibility of a sideways trend in the mid-term, with certain technical indicators supporting the bullish case.
