Cardano Price Prediction: Will ADA Continue Surging Upwards?

Cardano is currently trading at $0.3737 (press time) with an increase of 11.31% during the intraday trading session.
The 24-hour low of ADA was $0.3357 and the 24-hour high of ADA was $0.387.
The current Cardano price is above the 20-, 50-, 100-, and 200-Day EMAs.

The pair of ADA/BTC was trading at $0.00001329 BTC with a rise of 9.65% over the intraday trading session.

Cardano price prediction suggests that it is in an uptrend after testing its primary support of $0.332. From the start of 2023, the ADA token was moving upward using the accumulated support of buyers after experiencing its bear market in 2022. This indicates that the buyers were waiting for a chance to capture the market and push the ADA token upwards. But after breaking its primary support, the ADA token began consolidating between its primary support and resistance which indicates that the demand and supply in the market were in equilibrium from mid-January to mid-February, 2023. After that, selling pressure pushed ADA below its primary support.

After the formation of the bullish hammer candlestick pattern over the daily time frame chart, ADA showed a short-term bullish reversal on the chart. The formation of the hammer pattern after a downtrend over the daily trading chart indicates a bullish reversal on the chart.

ADA token has again breached its primary support with the help of active buyers in the market and is trading above its 20-Day EMA (at the time of writing) which shows that there is strength in the current bullish phase.

The volume of the coin has increased by 190.44% in the last 24 hours. This sudden increase in volume indicates that there is heavy buying happening in the market.

Cardano Price Technical analysis:

RSI is increasing in the overbought zone and is showing a positive crossover which indicates that the buyers are in the majority, pushing ADA price upwards. The current value of RSI is 58.22 which is above the average RSI value of 45.07.

The MACD and the signal line are intersecting and may show a possible positive crossover over the daily chart which supports the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

Cardano price prediction suggests that it is in an uptrend after testing its primary support of $0.332. From the start of 2023, the ADA token was moving upward using the accumulated support of buyers after experiencing its bear market in 2022. The sudden increase in trading volume shows high positive market sentiment towards the ADA token. Both the RSI and MACD are increasing over the daily time frame chart which shows strength in the current bullish phase of the ADA token, as per technical indicators. This presents a great opportunity for the long traders to enter the market.

Technical Levels-

Resistance level- $0.420 and $0.528

Support level- $0.332 and $0.235

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.