Cardano (ADA) is one of the most popular and promising projects in the crypto space, with a strong team, a solid vision, and a loyal community. ADA has been showing a steady recovery from its recent low of $0.23 on July 16, 2023, reaching as high as $0.37 on the same day. However, ADA is still facing some challenges and uncertainties in the short term, as it awaits the launch of smart contracts and decentralized applications on its network. In this article, we will analyze the technical indicators and patterns of ADA/USDT and provide a possible scenario for its future price movement.

## ADA/USDT Technical Analysis

Looking at the daily chart of ADA/USDT, we can see that ADA is trading within a symmetrical triangle that started from the high of $0.37 on July 16, 2023. The triangle has been acting as a support and resistance zone for ADA, as it bounced off the lower boundary several times and got rejected by the upper boundary twice. The triangle also coincides with the 50-day and 100-day moving averages (MAs), which are acting as dynamic support and resistance levels for ADA.

![ADA/USDT daily chart](^1^)

Currently, ADA is trading near the apex of the triangle, around $0.24, after a slight pullback from the recent high of $0.28 on September 8, 2023. The price is also below the 50-day MA, which is acting as a resistance level. The 100-day MA is providing support for ADA, as it did in the previous bounce on September 6, 2023.

The relative strength index (RSI) is hovering around the 50 level, indicating a balanced market sentiment. The RSI has been oscillating between the 40 and 60 levels since August 23, 2023, showing a lack of momentum and direction for ADA.

The moving average convergence divergence (MACD) is also showing a neutral signal, as it is close to the zero line and the signal line. The MACD has been declining since September 12, 2023, indicating a loss of bullish strength for ADA.

The stochastic oscillator is in the oversold territory, suggesting that ADA might be due for a bounce soon. The stochastic has been forming lower highs and lower lows since September 12, 2023, showing a bearish divergence with the price.

## ADA/USDT Price Prediction

Based on the technical analysis above, we can see that ADA is in a consolidation phase within a symmetrical triangle. The price is likely to continue trading within this triangle until it breaks out or breaks down from it.

If ADA breaks out from the triangle and closes above the $0.28 level on the daily chart, it would confirm a bullish breakout and signal a continuation of the uptrend. The next target for ADA would be $0.32, which is the 1.272 Fibonacci extension level of the previous swing high and low. If ADA breaks above this level, it could reach $0.37, which is the previous high and the 1.618 Fibonacci extension level.

If ADA breaks down from the triangle and closes below the $0.21 level on the daily chart, it would confirm a bearish breakdown and signal a reversal of the uptrend. The next target for ADA would be $0.18, which is the previous low and the bottom of the triangle. If ADA breaks below this level, it could drop to $0.15, which is

the 0.786 Fibonacci retracement level of the previous swing high and low.

## ADA/USDT Trading Strategy

Based on our price prediction above, we can suggest two possible trading strategies for ADA/USDT:

- A long position if ADA breaks out from the triangle and closes above $0.28 on the daily chart. The entry point would be around $0.29, with a stop loss below $0.25 and a take profit at $0.32 or $0.37.

- A short position if ADA breaks down from the triangle and closes below $0.21 on the daily chart. The entry point would be around $0.20, with a stop loss above $0.24 and a take profit at $0.18 or $0.15.

## Disclaimer

This article is for informational purposes only and should not be construed as financial advice or a recommendation to buy or sell any cryptocurrency. Trading cryptocurrencies involves significant risk and volatility and may not be suitable for all investors. Always do your own research and analysis before making any trading decisions.

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I hope you found this article helpful and informative. Please let me know if you have any questions or feedback in the comments section below.

Âč: [ADA/USDT daily chart](^2^)

Reference

(1) Technical Analysis of Cardano / TetherUS (BINANCE:ADAUSDT) - TradingView. https://www.tradingview.com/symbols/ADAUSDT/technicals/.

(2) Technical Analysis of Cardano / TetherUS (BINANCE:ADAUSDT) - TradingView. https://www.tradingview.com/symbols/ADAUSDT/technicals/.

(3) Cardano / Tether Price Chart — ADAUSDT — TradingView. https://www.tradingview.com/symbols/ADAUSDT/.

(4) ADA/USDT Technical Analysis Update: Bullish Breakout Potential & 76% .... https://coinmarketcap.com/community/articles/64381a1aa2300e22460189b4/.

(5) Cardano (ADA) Technical Analysis - coinalyze.net. https://coinalyze.net/cardano/technical-analysis/.