Cardano Price Prediction: Where Could It Initiate the Bullish Trend?

  • If ADA closes below the blue support zone with 2-hour candles, it could extend its upward movement to the $0.261 and $0.266 levels.
  • A close below the blue support could lead to a drop towards the $0.2549 – $0.2471 range.
  • If ADA’s price closes below $0.254, this decline could extend to the $0.2510 – $0.249 support range.

Cardano’s price chart exhibits upward or downward trends depending on whether it closes below the blue support zone with 2-hour candles or not. These support levels and closures provide essential signals for investors.

MEDIUM-TERM CARDANO PRICE ANALYSIS

12-Hour ADA/USD Price Chart
12-Hour ADA/USD Price Chart

When we examine Cardano’s 12-hour technical chart, it is observed that it has experienced a decline starting from the $0.2684 level. Unless ADA coin can surpass the $0.2684 resistance, it may undergo a downward movement towards the support range of $0.2539 – $0.2471. If an upward movement is initiated from this support range, the initial target would be $0.268, followed by the $0.287 level.

However, if ADA coin retraces to the $0.2539 – $0.2471 support range and initiates an upward movement from there, the $0.247 level can be used as a stop level based on daily closings. But if it closes below the $0.247 level on a daily basis, it could extend the downward trend to $0.2399 levels.

It’s important to continue monitoring the price action of Cardano and closely follow the mentioned support and resistance levels.

SHORT-TERM ADA PRICE ANALYSIS

2-Hour ADA/USD Price Chart
2-Hour ADA/USD Price Chart

The Cardano (ADA) price chart is currently showing a sideways movement within a interim support zone. However, if ADA coin records 2-hour candlestick closures below the blue support zone, it could potentially extend its upward momentum towards the levels of $0.261 and then $0.266.

On the other hand, if Cardano (ADA) drops below the blue support zone with 2-hour candlestick closures, it may deepen the downtrend towards the gray support levels mentioned in the analysis, around $0.2549. If ADA’s price closes below $0.2549 for 2 hours, it could expand its decline to the support range between $0.2510 and $0.249.

Coinotag analysts emphasize the importance of waiting for confirmation signals for long positions if the Cardano price experiences a drop towards the $0.2510 – $0.249 support range. Additionally, they recommend implementing a stop-loss strategy if there are 2-hour candlestick closures below the $0.254 level.

BREAKING NEWS

Solana-Based DEX Pacifica Launches Pre-Market MON Perpetual Contracts with Up to 3x Leverage

Pacifica, a Solana-based perpetual-contracts exchange, has introduced pre-market perpetual...

Ethereum Whale Moves 6,000 ETH to Kraken, Nets $29 Million From Buy-the-Dip to Sell-the-Top Trades

COINOTAG News, October 29, citing LookIntoChain monitoring, reports that...

Golden Ten Boosts as China–U.S. Leaders Prepare to Meet in South Korea, Trump Expresses Optimism

COINOTAG News reports that, on October 29, during a...

Bitcoin Funding Rate Falls to Bearish Territory as Altcoins See Intensified Bearish Sentiment, Coinglass Data Shows

COINOTAG News, citing Coinglass data dated October 29, shows...

UBS Posts 74% Q3 Profit Surge Amid Credit Suisse Integration and Volatility Risks

UBS reported a 74% increase in third-quarter net income...

Bitcoin Liquidity Sweep Clears Path for Potential Volatility Shift

The recent Bitcoin liquidity sweep between $111,000...

BitMine Reportedly Buys $113M in Ethereum, Advancing Toward 5% Supply Goal

BitMine Immersion recently acquired approximately 27,316 ETH worth $113...

Metaplanet’s Share Buyback May Align Stock with Bitcoin Holdings Value

The Metaplanet share repurchase program aims to enhance capital...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img