The bullish trend of Bitcoin is driving altcoins up, nearing the $97,000 mark. Against the backdrop of regaining bullish momentum, the price of Cardano has broken back above the psychological level of $1, surging nearly 10% in the past 24 hours.
Will this bullish trend lead to Cardano continuing to rise 16% today? Let's find out in the latest Cardano ADA price prediction.
Cardano Price Analysis
In the 4-hour chart, the Cardano price trend shows an inverse head and shoulders breakout rebound, with a 2.29% price increase in the past 4 hours. The Cardano price trend remains dominant above the psychological threshold of $1.01.
Despite increased short-term volatility, the ADA price trend has broken through the neckline of $1.048. Its current trading price is $1.070. This is the fourth consecutive bullish candle in the past 20 hours.
The bullish recovery momentum is heading towards the immediate resistance level of $1.104.
Technical Indicators:
EMA: The long-term upward trend of the key EMA line in the 4-hour chart reflects a bullish dominance.
RSI: The 4-hour RSI line is gradually approaching the overbought boundary line, supporting a breakout rebound. A sustained rebound is expected to set a new 52-week high in the next 4 hours.
Will Cardano reach $1.247?
According to Fibonacci levels, breaking the 100% Fibonacci level of $1.105 will make the 1.272 and 1.618 Fibonacci levels the next price targets. These levels are $1.168 and $1.247 respectively. Therefore, the Cardano price trend shows a potential increase of 16% in the next 24 hours.
On the other hand, if a bearish reversal occurs, the altcoin may retest the local ascending support trend line near $0.989. Therefore, the downside risk of the current market price remains at 7.80%.
