Will $ADA Price Recovery Hit $0.3?

Cardano Price Prediction: Under the influence of a double bottom pattern, the ADA price may have a sustainable recovery in the near term.

Published 1 hour ago

Cardano Price Prediction: Amid a two-month consolidation period, the ADA price has seen repeated rebounds from its $0.24 support level, signifying a high accumulation zone. The daily chart reveals that this sustained support, combined with the broader bullish sentiment in the crypto market, has contributed to the formation of a double-bottom pattern, a known bullish reversal signal.

Also Read: Binance Removes ADA, MATIC, SHIB, DOGE, SOL & Other Top Liquidity Pools

Is ADA Price Recovery Heading to $0.3?

  • The ADA price rising for three consecutive days with sufficient surge in volume indicates a sustained recovery.
  • The double-bottom setup sets the altcoin for a 16% upswing
  • The intraday trading volume in the ADA coin is $123 Million, indicating a 15% loss

ADA price ADA price Source- Tradingview

On October 19, the Cardano price saw a strong rebound from its yearly support at $0.24, marked by a bullish engulfing candle. Over the past three days, this has resulted in an 8.8% recovery, taking the coin to its current trading price, which appears to be a typo at $0.26.

This upward momentum has resulted in the formation oaf a Double Bottom on the daily chart—a pattern often seen at market bottoms, indicating increased buying interest. If the pattern holds, we could see the ADA price rise another 3.7% to test the neckline resistance at $0.27. 

A successful breach of this resistance with a daily candle close above it would provide bulls a strong foothold for a continued rally. Following the breakout, prices could surge 12% to reach the psychological resistance level of $0.3.

Will ADA Price Prolong Sideway Trend?

While the short-term outlook for the ADA price appears bullish, it’s worth noting that the coin’s mid-term trend remains bearish. A look at the daily time frame shows the correction trend can be followed by a downsloping trendline. This dynamic resistance is currently wavering around the $0.28 mark, increasing the supply pressure of this horizontal level. Therefore, if altcoin shows signs of rejection at this barrier, it’s likely that the coin will continue its sideways trajectory.

  • Relative Strength Index: A significant rise in the daily RSI slope accentuates the rising buying pressure around the $0.24 mark. 
  • Super Trend Indicator A green flag projected in the daily time frame chart shows a recovery sentiment is active among traders.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/cardano-price-prediction-ada-price-rally-16-if-break-this-barrier/