Cardano ADA price Prediction: ADA’s Price Action Forms Bull Waves, Tip or Trap? 

• Cardano (ADA) price came under pressure after completing a 10-day price correction phase.
• Buyers struggled with a Fib retracement level of 0.382, where costs declined twice.
• ADA price is trading above the 20 and 50 day moving averages on the daily chart.

Cardano ADA price is changing hands amid ongoing recovery. Bulls are looking for stability points to collect coins, but bears often increase sell-off assets. Before recording the latest 52-week low, the bears were following selloff on an uptrend technique, and had a strong sell position near the downsloping trendline.

Buyers successfully reversed the price trend after a reversal from the new 52-week low of $0.33. Price action now forms high-low formation in terms of daily price scale despite selling pressure. Bears are still present in the market and have placed their sell orders at the 30 day high with a huge amount.

Source: ADA/USDT by Tradingview

Amid higher-lows trend, Buyers struggle at 0.382 level of fib retracement, asset value fell twice from this level in the last 14 days. Meanwhile, ADA price spotted at this level while the live trading cost was $0.4267 mark at the time of writing. Today along with 1.28% intraday gain, ADA price is drawing 3rd bullish candle. Above 0.382 level of fib, ADA price prediction suggests 20% increase.

ADA Price Predication in Daily Chart

Source: ADA/USDT by Tradingview

Eventually, ADA price is trading above the 20 and 50 day moving averages on the daily price chart. Trading volume also increased by 37% last night to $856.3 million. Moreover, ADA price is slightly higher at 0.79% 0.00002001 satoshi against the bitcoin pair.

The Stoch RSI is forming in the oversold zone and the simple RSI has corrected above the half-line. Both the RSI indicators favor the bulls for an uptrend.

Conclusion

The 0.382 Fib retracement is an important resistance level for the Cardano ADA price. However, the RSI indicator is in favor of the bulls. The ADA price forecast suggests a 20% increase above the Fib level of 0.382.

Support level – $0.350 and $0.30

Resistance level – $0.45 and $1.0

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source