Today's Cardano (ADA) Price Prediction: The Uptrend Continues Above $1

The price of Cardano has surpassed $1.15 against the US dollar, emulating bitcoin's recent surge in value. If there is a clear break above $1.24, the ADA price could continue to increase.

Conclusion

  • ADA's price started to rise very quickly above the $1.0 level against the US Dollar.
  • This means that the price is now above $1.05 and the simple moving average of 55. (4-hours).
  • On the 4-hours chart, there is a big rising channel with support near $1.150 that is going to be very important soon (data feed via Bitfinex).
  • The price could go down, but it might not go below $1.150.

Cardano (ADA) Price Prediction

Against the US dollar, the price of cardano has risen further this week, breaking through the $0.850 support level. At $0.88 and $1.00, the ADA/USD pair entered into a bullish zone.

The price closed above the major resistance level of $1.00 as well as the 55-day moving average (4-hours). The bulls were able to push the price up to $1.15 in only a few short days. Price had risen to a new high near $1.244 and is again regaining ground.

ada price
Source: TradingView

Minor movement below the 23.6 percent Fibonacci retracement level of the bullish movement from $1.072 swing low to $1.244 high was observed. On the downside, the $1.165 level serves as an immediate support. If further losses occur, the price could fall to the $1.15 level.

On the 4-hour chart, a major rising channel is formed with support at $1.150. The 50 percent Fib retracement level of the upward movement from the $1.072 swing low to $1.244 high is near the channel support.

As long as the price stays below $1.15, it might fall as low as $1.05. The $1.232 level will act as immediate barrier on the upward. The $1.245 level may serve as the first significant barrier to overcome. It is possible that the price might reach $1.30 if it breaks out clearly to the upside and clears the $1.245 level.

Next, the $1.35 level could serve as a significant barrier. A rise to $1.42 in the near future is possible if further gains are made.

Technical Indicators

This is what the MACD for ADA/USD looks like for the next four hours. It's getting faster in the bullish zone.

This is the RSI for the last four hours. The RSI for ADA/USD is now well above 50.

In order to get the most help, you need to reach the support levels of $1.165 and $1.05.

$1.232 and $1.245 are the main points of resistance.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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