Cardano Price Prediction: ADA in the run, ready to push to $1.60


  • Cardano price is a bit shaky after a weekend rebound, but gains are paired back on Monday. 
  • The recent dip looks nice for a buy of ADA around $1.31.
  • A fan-formation shows a very sensible price reaction and confirms more upside.

Cardano price was among the victims this Monday morning in the sell-off that flooded cryptocurrency markets. Big names like Bitcoin and Ethereum trended higher during the weekend, but they all paired gains and looked for support around Friday's levels.

Cardano price may look heavy, but nothing has changed to risk-on mood 

Investors must have had a perfect weekend watching their cryptocurrency portfolio increase in value. The feeling on Monday morning, however, must have undercut their euphoric feeling from Sunday evening. This weekend it looked like cryptocurrencies were out of the woods after a few weeks of heavy selling and the long road to what looked like recovery. 

But no need to panic just yet.

A closer look at Cardano price action shows that it is respecting a fan technical play. The 1/1 trend line was very well supported on July 1, with buyers pushing ADA price toward $1.50.

We get confirmation that this fan is being well respected as we see hours and days before the ½ fan line and the ⅓ fan line reflected in the wigs of the candles. Even the ⅛ fan is confirming the trend, which is a technical indicator to be aware of. 

Looking forward, this means that some further downside is possible for now, but the 1/1 fan line should be respected around $1.33. If that level breaks, Cardano price has the $1.30 psychological level and the $1.28 triple bottom from this weekend as additional support.

ADA/USD 4 hour chart 

ADA/USD 4 hour chart 

The rejection at $1.50 is standard. It is a fundamental psychological level and, for buyers, an excellent place to take some profit. But if the sell-off continues on this US holiday, look for Cardano price to test around $1.20, which should fall in place with the 2/1 fan line.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC price surges despite threat of crash to $36k

Bitcoin price shows lackluster performance after the recent crash, giving rise to the credibility of the run-up to $50,000. As the September 24 daily candlestick bathes in red, the chances of an uptrend continue to diminish.

More Bitcoin news

XLM Price Prediction: Stellar traps bulls as it targets $0.195

Since Wednesday, the Stellar (XLM) price has been paring back losses, but price action has already started to fade on XLM. Bulls cannot push the price above $0.30, and XLM price has startedto form a bull trap.

More Stellar Lumens News

Polkadot Price Prediction: DOT will hit $40 by October

Polkadot (DOT) bears are scrambling to cash in on their profits as price action for DOT reverses quite rapidly, with bulls overtaking control and pushing price action back toward levels achieved before the correction began. 

More Polkadot News

PBoC imposes ban on crypto trading as it fosters ‘illegal financial activity’

China’s central bank cracks down on illegal financial activities from overseas cryptocurrency exchanges. The recent announcement marks the People’s Bank of China's (PBoC) strongest move against cryptocurrency mining and trading to date. 

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP