Cardano Price Prediction: ADA faces driving forces that could push it to $1.90
- Cardano price recovered nicely from the general correction in cryptocurrencies.
- After a technical bullish signal, Cardano will go to $1.90.
- The perfect risk-on environment will lift sentiment in ADA.
Cardano price has had an excellent recovery from the global cryptocurrency glut, and it has enough steam to go further toward $1.90.
Cardano price can go to $1.90 if we keep two things in mind
Cardano price dipped just below the $1 mark where the psychological level and the 22-day moving average served as a floor and was at a price target for buyers to step in. The action that we see in that candle is entirely different from other cryptocurrencies like DOT or ETC around that same technical point. Buyers stepped in with more volume and appetite.
ADA is looking for a return toward $1.90, which is possible within a month, seeing the current risk-on sentiment in the markets.
The 200-day Simple Moving Average (SMA) is the only hurdle that could slow down this recovery, but that should not be a problem. Should price correct from there, we can see ADA bounce off the descending trend line, and the 55-day SMA will still be there for support and again as a point for buyers to get further long ADA.
ADA/USD daily chart
Cardano still has some room to go, and the technical setup is very promising for bullish action. The 200-day SMA is the one to keep in mind and watch out for.
Author
FXStreet Team
FXStreet
