Cardano Technical Analysis: Uncovering Insights for Investment Strategies

•  Cardano is in uptrend
•   A good opportunity arising for short term investors

Presently, Cardano is trading close to the 50 EMA (the blue colored line). Starting in the month of October 2021, Cardano has been in a downward trend. Cardano showed strong resistance at $0.2395 and has since displayed a decent upward movement, forming higher lows and higher highs.

Cardano on daily chart

On the daily chart, Cardano is forming a double bottom pattern, and a strong bullish move is anticipated. Short-term investors can plan investing in the coin.

The trendline shown in the chart can also be viewed as a confirmation for a bullish move, meaning that as soon as the price breaks the trendline, a bullish move will be evident to its nearby resistance, which is $0.4177.

MACD – A bullish crossover has occurred on the MACD. When the blue line of the MACD crosses the orange signal line in an upward motion, it is considered a bullish crossover. The occurrence of a bullish crossover on the MACD shows that the BCH has gained bullish momentum on the daily chart.

Analyst view and Expectations

Short-term and medium-term investors might look forward to investing in it as we may soon observe a short bullish move in the coin. Investment in the coin does not appear to be a suitable possibility for long-term investors.

According to CaptainAltCoin’ ADA cryptocurrency price prediction, cardano could fall to $0.2466 in January 2019 before perhaps rising to $0.4806 in November 2023. The website then predicted that cardano would trade at $0.7706 in 2025 and may fall to $0.7354 by November 2027. However, the website predicted that ADA might return to $1.93 by 2030 and even predicted a potential $3.85 cardano coin price for 2040.

On the basis of its in-depth artificial intelligence-assisted technical research, PricePrediction.net issued an ADA price projection that was more positive for the latter part of the decade, projecting that the coin might average $5.78 in 2030, up from $1.01 in 2025 and $0.34 in 2022.

Technical Levels

Major resistance – $0.4420

Major support – $0.2383

Conclusion

Cardano is showing signs of bullish momentum. Investors looking for short term gains can buy now. In the following days we may see a bullish rise.

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

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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