Cardano Price Prediction: ADA prepares for 35% run-up to pre-crash levels

  • Cardano price shows that its 22% upswing has exhausted the momentum, leading to a correction.
  • A bounce from the demand zone extending from $1.488 to $1.566 will most likely trigger a 35% bull rally.
  • The bullish narrative will face invalidation if the support barrier at $1.322 is breached.

Cardano price is currently experiencing a minor pullback that could push it down to a critical support area. A resurgence of buyers in this zone will propel ADA to pre-crash levels.

Cardano price eyes a higher high

Cardano price rallied roughly 26% between May 25 and 26, but the momentum that pushed it higher seems to be fading away as it tested a ceiling at $1.833. This barrier has prevented ADA from rallying roughly four times in less than three weeks, starting from May 9.

Therefore, the so-called “Ethereum-killer’s” recent attempt at crossing this barrier appears to have failed. A continuation of investors booking profits around this barrier will lead to a 15% retracement to the demand zone, ranging from $1.488 to $1.566.

Investors can expect the bullish momentum to rejuvenate as it dips into this area. A quick bounce from this support zone that breaches $1.833 will allow ADA to climb toward $2.193, the first area of interest. 

Here, Cardano price could either consolidate or experience a small retracement.

Following this, if the buying pressure continues to persist, there is a high chance ADA revisits $2.30 or retests its all-time high at $2.47.

ADA/USDT 4-hour chart

ADA/USDT 4-hour chart

Although unlikely, a breakdown of the support area that stretches from $1.488 to $1.566 will put a nail in the bulls’ coffin. If such a scenario were to evolve, Cardano price would likely experience an 11% sell-off to $1.322.

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

ICON looks extremely bullish in the long-term as ICX price targets $3

A brief technical and on-chain analysis on ICON price. Here, FXStreet's analysts evaluate where ICX could be heading next as it looks ready to continue surging.

More Crypto News

BNB price marches toward $400 regardless of Binance legal woes

A brief technical and on-chain analysis on Binance Coin Inu price. Here, FXStreet's analysts evaluate where BNB could be heading next as it seems primed to advance further.

More Binance Coin News

Uniswap price has gathered the steam for UNI to advance to $30

A brief technical and on-chain analysis on Uniswap price. Here, FXStreet's analysts evaluate where UNI could be heading next as it seems bound to advance further.

More Uniswap News

These two DeFi tokens are primed to skyrocket

SushiSwap continues to trade in a horizontal channel. Aave emerging from an ascending triangle pattern, breaking the 200-day SMA resistance. 

More Crypto News


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