Cardano Price Prediction: Is ADA Safe Investment in 2023 at Current Price Levels?

• Cardano price is trading at its two-year low.
• The weekly RSI is hovering above the oversold zone, signaling an upcoming bull run.
• Bulls are now drawing another bullish candle with a weekly gain of 3.07%.

Cardano price is at its lowest level in two years as bears are driving lower. Buyers are expecting a trend reversal signal to take off the intense selling pressure. However, November has forced many crypto investors out of the market, so there is less buying pressure for a recovery.

In contrast, Cardano price is at an accumulation point for a long-term outlook. Last week, buyers spotted a yearly low and 100-week low at $0.2953, which has turned into a key support. However, several bullish barriers exist among the bullish patterns, which may hinder the recovery for the short term outlook.

Source: ADA/USDT by tradingview

After a 21.14% decline in November, buyers came into action this month. Meanwhile, investors are drawing a second bullish weekly candle now along with 3.07% gain. This gradual growth influences investors for long-term investment, because this could be the bottom level of Cardano price. Specifically, weekly RSI hovers above oversold territory, hints upcoming bull run.

At the time of writing, Cardano price stays at $0.3228 mark against the USDT. Following the recovery, ADA crypto is looking bullish in the intraday trading session along with 1.16% gain. Similarly, the ADA valuation belonging to the Bitcoin pair trades under bullish dominance by 1.68%, reported at 0.00001898 satoshis.

Source: ADA/USDT by tradingview

The daily price chart shows strong bullish sentiment, as the price action shows a high-low pattern. Following ongoing trend, buyers are looking for a 35% increase in ADA market capitalization until Cardano price reaches the $0.44 resistance area.

Despite the correction in price, bears may sell ADA costs above the 20-day exponential moving average, which is the most recent bullish hurdle. Besides, the daily RSI is slowly moving towards the halfway point.

Conclusion

Cardano price is struggling at the 20-day exponential moving average, above this level buyers can take asset higher by 35% in the short term. Furthermore, Cardano price is trading at a two-year low, the latest long positions may be favorable at this price point.

Technical Levels

Support level – $0.30

Resistance level – $0.38 and $0.60

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.

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