Cardano Price Prediction Today: ADA Bulls Target $1.72
Today the post Cardano Price Prediction Today: ADA Bulls Target $1.72 appeared first on Coinpedia Fintech News
Cardano (ADA) is currently up over two percent and is trading near the $1.20 levels. The important support area to watch is between $0.83 and $1.06. There are two potential paths for ADA from here.
Path 1: The price keeps going up
In this scenario, ADA could continue rising directly in a five-wave movement to complete wave five of the larger third wave. This move could push ADA to levels around $1.42, potentially as high as $1.72 before a larger correction begins in wave four. Then, a rally in wave five could occur.
Path 2: Larger Fourth Wave Unfolding
Another possibility is that ADA is already in the biggest fourth wave. In this case, the price is forming an ABC structure as part of wave four. Both paths are plausible, but the first option, with one more push upward, seems to be the preferred perspective.
Key Support Level to Watch
The key support level to watch is $0.64, which is a 50% retracement of the rally that began in November. If ADA drops to this level, it would mean a more significant pullback before the next move higher. The price could also rally in the short term before this support is tested.
Short-Term Movements and Market Influence
In the short term, ADA may show some fluctuations as it is closely tied to Bitcoin’s performance. Bitcoin’s dominance is currently decreasing, allowing altcoins like ADA to recover. However, ADA’s next resistance zone is between $1.15 and $1.27. This area may provide some resistance as it aligns with previous price levels and volume profiles.
Resistance and Future Goals
If ADA faces rejection in the $1.15 to $1.27 area
Be aware of your trads
