Signal price

Cardano Price Prediction: Are We Revisiting $1?

The number of higher price rejection candles at $1.2 shows that buyers of Cardano (ADA) failed to overcome the resistance at $1.2. The potential reversal could drop the altcoin to the $1 mark, providing an opportunity for pullback. However, the middle support level of $1.14 limits the corrective rally to $1.

Key points:

  • Minor support at $1.14 prevents sellers from lowering ADA price to $1
  • An upside break of the $1.2 resistance could push ADA price up 33.3% to $1.6
  • The intraday trading volume of the ADA coin is $2 billion, indicating a gain of 20.1%

Source- Commercial view

The parabolic rally initiated in the second half of March sent the ADA/USDT pair up 50%. On March 23, the recovery rally broke through a combined resistance of the descending trendline and the crucial $1 level with a long bullish engulfing candle.

The buyers pushed the altcoin to the next resistance of $1.2 as they aimed for another breakout pump. However, they failed to break through the overhead resistance even after several attempts, indicating that the traders are actively selling higher.

The potential bearish reversal could send ADA price down 12.56% to $1 support.

On the other hand, a minor support level at $1.12 and a slope of 100 DMA prevent further decline and help the buyers to challenge the resistance at $1.2.

Technical indicator

The flat DMA of 50 and 100 with 20 DMA suggests that buyers are taking control of sellers. Additionally, a bullish crossover of 20 and 50 DMA could encourage the breakout of $1.2.

The lines of the MACD indicator (MACD and signal) moving above the neutral zone maintain a bullish trend for traders. However, the narrowing gap between these lines threatens a bearish crossover.

  • Resistance levels – $1.2 and $1.6
  • Support levels – $1.1 and $1

Warning

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

Source: https://coingape.com/markets/cardano-price-prediction-ada-buyers-struggle-to-surpass-1-2-are-we-revisiting-1/