Cardano Price Prediction: ADA to rebound by 15%
- Cardano price has deviated below the range low, suggesting a momentary increase in selling pressure.
- A retest of the 6-hour demand zone is likely to propel ADA back to retest the $2.18 resistance barrier.
- A daily close below $1.68 will invalidate the bullish thesis and knock the altcoin down to $1.46.
Cardano price has seen a massive downswing over the week, causing it to slide below crucial barriers. Fortunately, this correction is above a significant demand zone that will likely trigger a buying spree, pushing ADA higher.
Cardano price at wit’s end
Cardano price has nearly halved in value since its all-time high at $3.11 on September 2. ADA is currently trading at $1.85 and is fast approaching the 6-hour demand zone, ranging from $1.68 to $1.79.
This support area is significant in deciding the directional bias for the so-called “Ethereum-killer.” Since Cardano price has sliced through the range low at $1.91, it is in the deep discount area, and which means bears could potentially be taking a break.
A successful bounce off the demand zone mentioned above will likely propel ADA back above the range low. Beyond this, Cardano price could retest the $2 psychological level, indicating a 10% upswing from $1.79.
In some cases, ADA might revisit the $2.08 ceiling and collect the ‘buy stop’ liquidity resting above it. This move would represent a 15% ascent.
ADA/USDT 6-hour chart
The upswing narrative detailed above for Cardano price is contingent that the downswing recedes as it bounces off the $1.68 to $1.79 demand zone. However, if ADA produces a lower low below $1.68, it will invalidate the bullish thesis.
This development could trigger a 12% crash to the immediate support level at $1.46.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
