Cardano (ADA)’s market condition attracts buyers as the price propels past the technical resistance zone on the level at $0.0809; although this is very ambitious for the virtual currency, the improvement in Cardano’s price may see investment in the Coin get devalued in the future.
Resistance Level: $0.0797, $0.07889, $0.0777
Support Level: $0.0757, $0.0749, $0.0737
ADA/USD Long term Trend Bias: Bullish
The current price of Cardano is on the level at $0.08057 today, and it may drop from this area towards the scale at $0.0113 in the long term. And as the pair’s future prediction stands, it shows minimal growth in the next 365 days while also it is worthy of note that Cardano may even crash. The general sentiment in the crypto sphere is the possibility of Cardano replacing or surpassing Bitcoin as the preferred virtual currency, but according to analysis, this scenario may not occur in the near term.
Now expectations on the pair are lighting the path to positive sentiment for participants to thread along with the ADA projections to investing in the crypto.
ADA/USD Medium-term Trend: Bullish
ADA/USD, from our prediction, is stuck within a tight trading range between two support zones where the first level has turned to resistance on the scale at $0.0851 and the next intact as support as at the time of this post on the level at $0.0752. Moving higher for the 3rd day in a row, the pair finished the previous day on the scale at $0.0798 gaining about 3%.
To reinforce our earlier bias, the price closed within the prior’s days range, and the price has missed to decisively move beyond the previous day’s trading range in a lackluster activity.
ADA/USD Medium-term Trend: Bullish
Although the pair’s attractiveness to investors may be related to its ongoing listings on major exchange, thereby attracting significant enthusiasts in the crypto sphere, our analysis for the medium term is in line with the current sentiment for a bounce in price to the upside but this scenario may be short-lived or slow bullish run plays out on the medium-term frame.
On the 4-hour time frame, the price has now reached the top flank of the Bollinger band on the level at $0.0807 where a retracement downwards towards the level at $0.0752 may be recorded in the near term. Although the ADA/USD is currently in a short term trend, in the medium term, this could be a correction; therefore, we posit that the medium and long term trends remain bullish for now.
Images/Charts credit: All the charts were created from TradingView by the author.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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