The Cardano price prediction may lack short-term and medium-term support if the coin moves toward the upper boundary of the channel.
Cardano Prediction Statistics Data:
- Cardano price now – $0.39
- Cardano market cap – $13.5 billion
- Cardano circulating supply – 34.2 billion
- Cardano total supply – 35 billion
- Cardano Coinmarketcap ranking – #8
Resistance levels: $0.50, $0.52, $0.54
Support levels: $0.30, $0.28, $0.26
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ADA/USD is trading around the $0.39 resistance level but the coin remains below the 9-day and 21-day moving averages. However, if the bulls push the market price above the 9-day MA, the nearest resistance may be located around $0.45. Moreover, if the market increases, additional resistance can be found above the 21-day moving average.
Cardano Price Prediction: Cardano (ADA) May Break to the Upside
At the time of writing, traders could see that the Cardano price may likely create more bullish trends once the bearish movement is over and this is noticeable as the technical indicator Relative Strength Index (14) makes a quick turn back above the 30-level.
Looking at the daily chart, the market decides to rebounds from the low of $0.38 but any bearish movement below this barrier could lead the coin to a serious downtrend. However, the support levels for the coin could be found at $0.30, $0.28, and $0.26, while the resistance levels lie at $0.50, $0.52, and $0.54 respectively.
Against Bitcoin, the support level of this range is built below the lower boundary of the channel. The nearest resistance is set at 2200 SAT because the market price is still changing below the 9-day and 21-day moving averages. Technically, the price could move sideways within the channel as the technical indicator Relative Strength Index (14) moves into the oversold region.
However, if the Cardano price remains below the moving averages, ADA/BTC may likely cross below the lower boundary of the channel to hit the support level of 1800 SAT and below. Moreover, any bullish movement above the moving averages may allow the market to form a new upward trend and this could reach the potential resistance at 2300 SAT and above.
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