|

Cardano Price Forecast: ADA holds critical support aiming to revisit previous all-time highs

Cardano has remained bullish in the long-term despite the recent sell-off. The digital asset is currently trading at $1.18 after a significant rebound from a key support trendline formed on the 12-hour chart. 

Cardano price aims for a massive 25% rebound

On the 12-hour chart, Cardano price defended a key support trendline and bounced from $1.12 to $1.22. Additionally, bulls have also managed to push ADA above the 26-EMA support level which has been a strong point since December 2020.

ada price

ADA/USD 12-hour chart

The In/Out of the Money Around Price (IOMAP) chart adds credence to this theory as it shows the strongest support area to be located between $1.11 and $1.15. Above this range, the most significant resistance is roughly established at $1.24, which means that a breakout above this point should quickly drive Cardano price towards $1.5.

ada price

ADA IOMAP chart

On the other hand, if bears want to come back, they will need to push Cardano below the key support level at $1.12. A breakdown below this point should drive ADA towards the psychological level of $1.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

AAVE slips below $186 as bearish signals outweigh the SEC investigation closure

Aave (AAVE) price continues its decline, trading below $186 at the time of writing on Wednesday after a rejection at the key resistance zone. Derivatives positioning and momentum indicators suggest that bearish forces still dominate in the near term.

Hyperliquid stabilizes amid plans to burn assistance fund

Hyperliquid (HYPE) stabilizes above $26 at press time on Wednesday after three straight days of losses. Hyperliquid Foundation has started a validator vote to reduce supply by burning the assistance fund, which holds over 37 million HYPE tokens.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple extend correction as bearish momentum builds

Bitcoin, Ethereum, and Ripple remain under pressure as the broader market continues its corrective phase into midweek. The weak price action of these top three cryptocurrencies by market capitalization suggests a deeper correction.

Ethereum Price Forecast: Active addresses plunge to May levels amid resumption in US selling pressure

Ethereum (ETH) weekly active addresses have plunged sharply in December, declining from 440K to 324K, levels last visited in May. The decline in active addresses has also pushed down the number of transactions on the network to July lows.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.