Cardano Price Prediction: ADA resets before the next leg up to new all-time highs

  • Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48.
  • A minor retracement to the immediate demand barrier at $1.34 seems likely.
  • Shattering the resistance level at $1.48 forecasts a new all-time high for ADA.

Cardano price awaits an expansion as buyers re-enter an accumulation phase before breaching a crucial overhead barrier. 

Cardano price to pullback before catapulting higher

Cardano price is traversing an ascending triangle pattern formed when multiple higher lows and a series of highs are connected using trend lines.

In this setup, buyers aggressively bid up the ADA price, creating higher lows, while a cluster of sellers at $1.48 absorb this momentum, which produces swing highs.

A bullish breakout will occur when the sellers lose steam resulting in a surge higher. In Cardano's case, the 48% upswing is determined by measuring the distance between the first swing high and low and adding it to the breakout point at $1.48.

This move places the ADA target at $2.16.

At the time of writing, the so-called "Ethereum killer" created another swing high as it failed to breach the triangle's base. Interestingly, the Momentum Reversal Indicator (MRI) flashed a cycle top signal in the form of a red 'one' candlestick on the 12-hour chart.

This technical formation projects a one-to-four candlestick correction. The retracement will likely end around the MRI's State Trend Support at $1.34, coinciding with the short-length, 25 Simple Moving Average (SMA).

A breakdown of this would not necessarily affect the upswing and would find stable ground for a reversal around the triangle's hypotenuse at $1.26, which coincides with the long-length 50 SMA.

Therefore, investors can expect an upswing to emerge at $1.34 or $1.26.

ADA/USDT 12-hour chart

ADA/USDT 12-hour chart

On the flip side, if the sellers' ask orders dominate, the trend line connecting the swing lows could be breached. In such a scenario, market participants should expect a swift correction to $1.20.

If Cardano price breaches $1.15 and continues to descend, the bullish thesis will face invalidation and result in an 11% correction to $1.03.

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

XRP trading volume soared to $4.4 billion in Q2, recording 98% increase from last quarter

The latest Ripple quarterly report revealed that the cross-border remittance token witnessed a surge in trading volume in the second quarter of this yXRP has seen a massive climb in trading volume in the second quarter this year. The cross-border remittance token recorded four days in Q2 with the highest trading volume in its entire history. The volatility of XRP was considerably higher than that of Bitcoin and Ethereum during this period.

More Ripple News

US clients of Kansas based mining company now avoid tax on BTC mining

A leading mining company in the US offers clients income from Bitcoin mining without triggering a taxable event. The US has emerged as a hub for Bitcoin miners since the BTC hashrate migration. 

More Bitcoin News

Axie Infinity price shows massive bullish potential suggesting AXS is primed for another 140% rally

A brief technical and on-chain analysis on Axie Infinity price. Here, FXStreet's analysts evaluate where AXS could be heading next as it looks primed for consolidation before higher highs.

More Cryptocurrencies News

State Street will expand crypto services for private-fund clients to meet growing demand

State Street is looking to offer its private-fund clients crypto administration services. Last month, the Boston-based bank created a new division focused on digital assets. The American bank aims to meet growing client demand for cryptocurrencies with new service offerings.

More Cryptocurrencies 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