Cardano Price Prediction As Yearly Support Sets a 20% Upswing

For more than two months, the ADA price has been oscillating above the crucial yearly support of $0.24. Despite making huge price swings, the price action does not contribute to either trend indicating uncertainty among market participants. Notably, the daily chart reveals that this phase of indecisiveness is shaping into a symmetrical triangle pattern, which could assist in determining the near future projection of this coin.

Also Read: Top 10 Cheap Cryptocurrencies to Buy in 2023

Will the ADA Price Surge Back to $0.3?

• A bullish reversal from $0.24 support sets a 5.5% upswing
• The Crypto traders may witness intense supply pressure at $0.3
• The intraday trading volume in the ADA coin is $70 Million, indicating a 22% gain

Source- Tradingview

In light of the recent market downturn, the Cardano coin price retreated from an October 6th high of $0.267 to its present value of $0.246, marking a 12% drop. This decline has pushed the coin back to the lower boundary of its symmetrical triangle, where buyers are attempting to rekindle bullish momentum. 

Given that this support level has prevented significant downward movement on three prior occasions over the last four months, its durability should not be underestimated. Should the coin manage to hold above this lower trendline, we might see a modest upward swing targeting the upper boundary of the triangle at around $0.258, a 5.5% increase.

As long as the triangle’s parameters remain intact, the ADA price is likely to continue in a sideways pattern. However, a successful break above the triangle could trigger a 15% rally, propelling the coin towards the $0.3 milestone.

ADA vs BTC Performance

Source: Coingape| Cardano Vs Bitcoin Price

In a comparative assessment of long-term trends, the Bitcoin price has consistently outperformed the Cardano coin, setting a series of higher highs and higher lows. Meanwhile, the ADA price has struggled, mostly moving in a bearish to sideways direction and failing to surpass the significant $0.45 level. Consequently, potential investors should exercise caution when considering Cardano as an investment option.

• Moving Average Convergence Divergence: The MACD(blue) and signal(orange) slope wavering around the midline reflect neutral sentiment among traders.
• Bollinger Band: The flattish boundaries of the Bollinger Band indicator accentuate a sideways trend.