Cardano price prediction: ADA to $0.37 next, analyst

TL;DR Breakdown

  • Cardano price prediction expects a rise to
  • Strong resistance lies at the $0.317 mark.
  • Strong support lies at the $$0.305 mark.

The Cardano price prediction by the Trading View analyst Trentons Coleman suggests that the cryptocurrency will soon rise towards the $0.37 mark, just as it confirms a breakout of a falling resistance and moves above it. After continuously rising on the charts for the 13th of January, the ADA price came to rest under the $0.315 mark on the 14th of January.

1-Day Cardano price analysis

Alongside most of the altcoin market and Bitcoin BTC, ADA price observed a gradual uptrend on the 13th of January. The price ascension occurred after the king of cryptocurrency saw price recovery above the $38000 mark after it had seen correction towards the $30000 level. At the time of writing, Cardano was priced at $0.308. The highest price that the altcoin approached on the 14th of January was $0.3185, whereas it scored a day’s low of $0.300 mark.

Sixteen out of twenty-six technicals indicate a buy signal on the ADAUSD pair while 10 stand neutral. This means that the cryptocurrency is at a strong buy indication. The oscillators are mostly at neutral with 2 for a buy signal. All moving averages except 1 stand in favor of a buy position, while the 1 stands neutral.

On the 4h time frame, upper Bollinger band is being tested for most altcoins over the past 36 hours, especially with the cryptocurrencies undergoing price recovery following Bitcoin BTC. ADA price has also been testing the upper Bollinger band with a slight retracement, which means it might see sideways movement over the next 4 hours.

Cardano price predictions: What to expect?

Trentons Coleman believes that the ADAUSD pair will see a rise towards the $0.37 mark on the 1D time frame. Per the Cardano price prediction, the cryptocurrency has recently moved above a falling trend line, and the price is soon to confirm an upward breakout here.

Looking at the chart in this Cardano price prediction, the cryptocurrency was traveling inside a long triangle pattern with low price volatility. It can be observed that the cryptocurrency broke out of this triangle on the 3rd of January, following the major crypto market ascension led by Bitcoin BTC at the start of the year. The cryptocurrency saw correction over the second week of January, and now it seems to have finally moved above the falling trend line. If the coin sees enough bulls here, the price is expected to move above $0.37, per the analyst.

Vince Prince’s Cardano price prediction for the trading pair also suggests an uptrend on the small time frames, with a major descending resistance level breakout and a move towards the $0.36 mark. Per the analyst, the cryptocurrency’s trajectory formed a wave count as it traded inside a triangle pattern, which it broke, while it currently tests the descending trend line between $0.30 and $0.32. The idea indicates a brief correction before the price can retest this falling resistance and break towards the upside. The breakout will render the price bullish and allow for it to reach across $0.36.

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Source: https://www.cryptopolitan.com/cardano-price-prediction-ada-towards-0-37/