Cardano Price Prediction: ADA could climb above $0.11 if crucial resistance level is broken


  • ADA is currently trading at $0.097 after a slight rejection from $0.10.
  • Bulls have defended the $0.085 support level three days in a row and are ready to see ADA bouncing.

Cardano, like the rest of the market, had a significant crash on September 3. However, the digital asset was already weaker than the rest two weeks before. At the same time, it’s also true that Cardano’s bull rally was far more significant than Bitcoin and others with a 785% price increase. 

ADA/USD 4-hour chart

ada price

ADA price seems to have broken out of a parallel channel formed around September 6, and it’s now facing strong resistance at $0.098, where the 50-MA is currently established.

ADA price

Additionally, the IOMAP chart shows that the majority of the resistance is indeed at $0.098, which means a breakout above this level would most likely push ADA close to $0.11 as there aren’t many other resistance levels nearby. 

ADA/USD 1-hour chart

ada price

Clearly, the 1-hour chart favors the bulls after ADA established a strong uptrend; however, the RSI is on the verge of overextension. Looking back, the past three times that the RSI was close to climbing above 70, ADA retraced back for at least a couple of hours before resuming its uptrend. It seems that Cardano might have a slight pullback before a breakout. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum price breaks $600 in anticipation of ETH 2.0’s launch in December

Ethereum is currently trading at $601 after finally breaking the psychological barrier at $600 for the first time in two years. At the time of writing, around 305,920 ETH has been staked in the Eth2 deposit contract, representing 58% of what's needed for the contract to launch. 

More Ethereum News

Overhyped Linkswap launch sends YFI and LINK soaring

Linkswap, a platform for automated market-making, has not been even launched, but its proprietary token YF Link (YFL) jumped by over 30% in the past 24 hours. At the time of writing, YFL is changing hands at $1,030.

More Chainlink News

OKEX withdrawals to trigger a massive volatility spike on the cryptocurrency market

OKEx, one of the world's largest cryptocurrency exchanges, is ready to unlock a cryptocurrency withdrawal functionality on November 27. The trading platform users had to wait over a month until the company settled its legal issues and the Chinese police released one of its co-founders and a private key holder. 

More Cryptocurrencies News

Bitcoin final leg to $20,000 lingers, as crypto bull cycle rockets

Cryptocurrencies across the board had a memorable weekend session, with most of them rallying to new yearly highs. Ethereum, for instance, hit highs of $585 for the first time since 2018. On the other hand, Ripple brushed shoulders with $0.5.

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast

BTC

ETH

XRP