Cardano price prediction: ADA to fall to $1.20 support after rejection at $1.350

Summary of the situation

  • Cardano is expected to drop below $1,260.
  • The next support level is at $1,250.
  • ADA sees resistance at $1.30 and above that at $1,350.

The price of Cardano has risen above the $1.20 level, and a continued upward trend has led the price to challenge the $1.30 level. BNB has posted gains of more than 4% over the past seven days, indicating continued upward momentum. However, the strong upward movement is giving way to volatile price movements.

The broad crypto-currency market enjoyed bullish sentiment for the past seven days, with most major cryptocurrencies posting gains during this period. Among the top performers were Ripple’s XRP and BNB, which posted gains of 3.39% and 1.32%, respectively. Meanwhile, Bitcoin and Ethereum posted gains of 0.9% and 10.90% respectively.

Technical indicators for ADA/USDT

Technical indicators for ADA/USDT from Tradingview

Of all the technical indicators, the MACD shows a decline in bullish momentum. Although the histogram is still green at the time of writing, its size has shrunk significantly as the price struggled around 0.0350. Although the 12-EMA is still above the 26-EMA, the difference between the two is negligible and they could show a reversal at any time.

The RSI is currently in the neutral zone just below the 60.00 mark and is not giving any signals. Last week the indicator was in the neutral zone. At the time of printing, the RSI has risen slightly into overbought territory, suggesting buyers are fighting back.

The Bollinger Bands are currently wide and with the bulls showing signs of activity in the last few hours, the Bollinger Bands will widen in the near term. Currently, the indicator shows high volatility in the short-term Cardano prices and shows a trend towards the upper limit, as the price regularly crosses the middle line of the bars.

Overall, the technical analysis on the 4-hour chart gives a buy signal, with 15 of the 26 major technical indicators pointing to bullish support. On the other hand, only one indicator gives a sell signal, indicating a downward correction. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.

The technical analysis of 24 hours shares this opinion and also gives a buy signal: 16 out of 26 indicators point to an upward movement, while only one indicator points to a downward correction. Nine indicators remain neutral and give no signal at the time of writing.

What can we expect from the Cardano Prize?

 

After diverging from the $1,350 level, the price of Cardano appears to be in a downtrend and is heading towards the $1.20 support level. While medium-term technical analysis remains bullish, short-term indicators point to a bearish reversal in Cardano’s price action. Traders can therefore expect ADA to fall to $1.20, with further decline unlikely due to strong bullish support at this level.

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