Cardano Price Prediction: ADA/USD retraces to $2.29 daily high, rally on the sides

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TL;DR Breakdown

  • The general cryptocurrency market is trading bullishly
  • Cardano is the best performing altcoin of the day alongside Dogecoin
  • ADA/USD pair shows signs of recovery on our Cardano price prediction

Bitcoin and Ethereum recovered over the last 24-hours; their upward momentum saw other coins across the cryptocurrency market jump into the green zone. Bitcoin recorded a 3.92% gain, while Ethereum went up by 6.47%.  Cardano and Dogecoin are the hot gainers of the day after going up by nearly 10%. 

Cardano price prediction

24-hour cryptocurrency heatmap by Coin360

While bears continue to have an upper hand, bulls have become more active as some of the top 10 coins have returned to the green zone.

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Over the last 24 hours, Cardano (ADA) has risen by nearly 1%, suggesting that it could reclaim some of its lost market shares.

The bulls are attempting to arrest the decline at the strong support at $1.94, where they will most likely meet a barrier at the 20-day EMA ($2.38).

24-hour Cardano Price Prediction: Bears lie in wait at $1.90

The moving averages are on the verge of completing a bearish crossover, with the RSI in negative territory, suggesting that bears have taken control. If the price drops from the 20-day EMA, the bears may attempt to defend $1.94.

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There are a number of technical levels that support the price movement in both directions at this point, as shown by the chart. We expect a break and close below this level to open the doors for a deeper decline to $1.60. To signal the start of a long-lasting recovery, the bulls will need to push and maintain the price above $2.38 for a week to prevent the 10-day EMA from falling below the 50-day SMA ($1.87).

If Cardano (ADA) breaks out of $2.38, it could rise to the next resistance zone between $3 and $4.As shown on the hourly chart, 

Cardano (ADA) has rallied back above $1.90 and held. At this time, the most probable scenario is that Cardano (ADA) attempts to break through the liquidity zone around $2.40, which also serves as resistance.

If the bulls succeed in clearing this barrier, Cardano (ADA) will have a shot at $3, from where it could consolidate around that level.

On the flip side, if Cardano (ADA) fails to break through $2.40, another attempt may be made to break down and close below $1.90.

A break and close below $1.90 would be a strong signal that the bulls are losing their grip and the bears may push for a drop to $1.60.

If Cardano (ADA) fails to maintain its price above $1.90, it will likely indicate weakness in the short-term trend, with a pullback to the 10-day EMA a possibility.

4-hour Cardano Price Prediction: Signs of an extended breakout

Cardano (ADA) is going through a tough time, but its fundamentals continue to remain strong and could set it aside from other altcoins that have struggled in recent weeks.

Cardano price prediction

ADA/USD 4-hour price chart by Tradingview

While Cardano (ADA) has managed to hold on to its price above $1.90, it could not rise further and is now struggling to break through $2.40.

The chances of a pullback are high. The downtrend has been strong and the prices could retrace to $1.95 if it breaks below this support.

The 20-day EMA is found below the 50-day SMA, forecasting an extended period of decline as long as it stays beneath the latter average.

On the 4H chart, growth is most likely to continue as long as trading volumes are high. If the following price development occurs, bears may take control of the zone at $2.381.

Cardano Price Prediction: What to expect in the future?

The price of Cardano (ADA) has been declining every day since the start of last week, breaking both a supporting ascending trend line and twice. With those two supportive elements so close to each other, sellers had two excellent entry points to play out their short bets. Bulls have now taken control of the decline, forcing sellers to cover positions as bears are clearly losing momentum. We are expecting the price of Cardano to continue rising over the next 24-hours and break past the $2.4 barrier.

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