Cardano-Preisprognose: Aufwärtstrend voraus
Cardano's cryptocurrency token is trading below $1.2. This level on the graph is above the top level of the downward channel
The ADA currently has a price of $1.15. Over the past 24 hours, the cryptocurrency in the currency pair with the dollar has risen by 1.78%. For a couple of days we could watch the epic battle of bull and bear traders. It seems that the bears retreated this time, and the cryptocurrency, which is in the top 5 place, rose even higher.
Judging by the schedule, bull traders can make a leap to the new key support line, which is at the level of $1.20. If investors support the bullish trend, the coin can rise to $1.35.
But if in the future the cryptocurrency rolls back down, breaking the average sliding below 100, the token can fall to 1 dollar and even lower.
ADA/USD 4-hour chart
Despite the impressive updates in the blockchain project network, last week the cost of Cardano plummeted from a height of 1.35 dollars to the figure of 1.06 dollars.
Then a couple of days the fight of bears and bulls was with varying success, but the bulls managed to snatch the championship. The ADA began to climb up to overcome the territory of strong resistance at the level of $1.20.
At the moment, the cryptocurrency is above the level of Fibonacci 0.236 (from $1.34 to $1.06). Therefore, the first resistance level for the coin, which is located on the upper boundary of the downward channel ($1.13), has already passed.
If the bulls are activated and push the coin above the descending channel boundary, a quick consolidation to the previously achieved indicators is possible. The most likely high in the case of a bullish trend is the figure of 1.159 dollars.
If the price of the cryptocurrency reaches this indicator and can stabilise above 100 SMA ($1.16), further growth is possible. However, as the statistics of the last week show, this barrier was not on the teeth of bulls and a couple of times already limited the price increase ADA.
In short, watch 100 SMA ($1.16). If the price rises higher, the road to $1.20 will open. The next resistance is at $1.23 (Fibonacci 0.618). Resistance lines of $1.28 and $1.35 are even higher.
If a correction follows after a breakout above 100 SMA ($1.16), the level of $1.13 will help to contain it. The bulls will then defend the $1.10 level, with the strongest support being the recent low of $1.06.
In the worst-case scenario, if the MACD is negative and the RSI falls below 50 on the 4-hour chart, the coin may fall below one dollar. Support in this case will be the level of 0.90 dollars.
You can check the price of ADA and start trading cryptocurrency on the cryptocurrency exchange Bitfinex.
The article has an informational character, reflects the opinion of the author. Before you make a decision, analyze the market situation.