Cardano price prediction: ADA to approach $0.2 next?

  • Cardano price prediction expects a rise to hit $0.2.
  • ADA price breaks past the $0.13 level but unable to sustain.
  • Technical indicators suggest a bullish move ahead

The Cardano price prediction by Detective Conan depicts that the cryptocurrency will rise towards the $0.2 mark next. The price moved past the $0.13 mark on the 21st of November, Bitcoin price is creating a bullish momentum in the market.

1-Day Cardano price analysis

The ADA price was observed at $0.1274 at the time of writing on Bitfinex. Per the chart above, the cryptocurrency has been trending in an ascending channel throughout the 20th and the 21st of November. The cryptocurrency reached a day’s high of $0.1310 during the day’s trade, whereas the day’s low for the ADAUSD trading pair was recorded at $0.1044. Most altcoins have been following Bitcoin’s ascension for the past few days, that has allowed them to climb up on the charts. The overall trend was bullish for Cardano on the 21st of November.

What to expect from the ADAUSD pair?

The cryptocurrency has been supported by a flat support level near the $0.09 mark from June 2020. The analyst expected the cryptocurrency to see a rise towards the $0.7 mark over the long-term trend.

Per the chart above, the cryptocurrency trades over an ascending trend line and it is now headed for the resistance near the $0.138 mark. The ascending trend line is a key support level for the cryptocurrency and the price is expected to help the cryptocurrency test and break above the major resistances. Per the analyst, the cryptocurrency is going to test the resistance placed at the top of this trade. The price target for this setup lies at $0.6804.

Cardano price prediction: Where is ADA headed?

The chart below shows an inverse head and shoulders pattern forming on the 1D time frame for the ADAUSD trading pair. The analyst expects the cryptocurrency to complete the inverse H&S formation and rise in an up-channel.

Cardano price chart 3 - 20 November
Cardano price prediction chart by Shazeb

Given that the inverse H&S pattern is a bullish indicator, the cryptocurrency may break above the key rising resistance level that is sketched on the chart above. The crypto analyst believes that a break above this ascending resistance will allow the ADA price to move towards greater resistances. The coin has been following a rapid rally since March 2020, and this rally has been followed by a strong bounce off the correction that lies within the parallel trading channel.

Cardano price prediction: Rise towards $0.2 ahead?

The Trading View analyst Detective Conan believes that the cryptocurrency is going to gradually trend towards the resistance that lies near the $0.2 mark.

On the 1W time frame, the Moving Average Convergence Divergence (MACD) line has approached the signal line and it is expected to cross towards the upside. The histogram size is also depleting in the negative region. This means that the cryptocurrency has a bullish bias. The cryptocurrency is should move above an ascending trend line, which is also highlighted on the chart above. This trend line will get the cryptocurrency towards the first resistance at $0.2. The next resistances lie short of $0.4 and above the $0.6 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/cardano-price-prediction-ada-to-approach-0-2/