Cardano price prediction: ADA to climb to $0.9500 as buyers defend $0.800 support
In fact, the hardfork saw the digital asset drop from position 3 to position four on the top ten leading cryptocurrencies.Cardano got replaced by Tether (USDT); but if the target of $2 is anything to go by, ADA is going to regain its glory by Mid-March.
The bears are waging a strong pullback against the coin and mounting lots of selling pressure.Cardano dropped over 10.14% between yesterday and today.It turns out the drop is signaling bearish weaknesses after the coin’s gradual upswing in February.
Also, the bearish patterns could be heels after ADA ‘s remarkable attainment of an all-time high, early last week.
Before news of the last hard fork, Cardano’s price had been trending between the $1.24 and $1.34 price range.The announcement turned out to pull the price downwards towards $1.2.
A pullback could result in further drops below the $1.01 support base.ADA/USD Price Movement in the Past 24-Hours
(Source: TradingView)
The 12-hour chart has a TD sequential Indicator which suggests Cardano ( ADA ) might show a bullish turning point in the short term.This is also an indication of a “buy signal” despite a prevailing selling pressure across altcoin markets.During press time, the ADA /USD price is $1.12.The coin has shed 7.07% in the daily chart.The bulls should remain intact around the current support to sustain an upward momentum or prevent further declines.
The bulls are supposed to defend the $1.01 support level and back the coin against the two key resistance levels of $1.26 and $1.32.ADA/USD 4- Hour Chart
(Source: TradingView)
It’s worth mentioning the TD sequential indicator is present on the 4-hour chart.Hence the possibility of more demand; which will drive the price of ADA higher.There is a declining channel on the 4-hour chart at which Cardano ( ADA ) has a percentage change of 0.44.
The price fell from $1.14 to $1.12.A position where the coin seems to be stuck for the past few hours.An upward correction was rejected by a resistance barrier between $1.08 and $1.26.Traders ought to be aware of this price range since a slight plunge, might encourage further declines.
ADA/USD Price Prediction
The bulls have most of their hopes on a few support levels in the event of a downswing.One such support is around the 0.382 Fibonacci retracement level of the upward price correction of $0.43 to $1.48 (the $1.08 support).The chances of the bears breaking below this support are lower.In the event of a decline, ADA has another support along the 20-day Exponential Moving Average (EMA) of $1.06.
The market anticipates the bulls will maintain the price of ADA /USD above the 0.618 Fibonacci retracement level at $0.83 and the 0.5 Fibonacci retracement level at $0.965.Conclusion
What is your take on the price direction of Cardano ( ADA )? Will the coin break above the $1.32 resistance level? Disclaimer.
The information provided is not trading advice.Cryptopolitan.com holds no liability for any investments made based on the information provided on this page.We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Arnold Kirimi Arnold is a crypto and blockchain enthusiast.A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world.He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.” Related Posts.