ADA Price Prediction: Cardano Price Cooks Up Potential Breakout and 9% Rally for this Week

Cardano Price Prediction

ADA price Prediction: The ongoing recovery in Cardano coin price hit a local resistance of $0.385. A possible bullish breakout from this barrier will accelerate the buying pressure and bolster buyers to further extend this price rally. However, a higher price rejection candle at the $0.385 level indicates the sellers continue to defend this resistance level, and thus traders should wait for a genuine breakout.

Key Points: 

  • A potential breakout $0.38 resistance sets Cardano coin price for a 9% upswing
  • The ADA holders can maintain a bullish sentiment until the price shows suitability above the midline of the Bollinger band indicator
  • The intraday trading volume in the ADA coin is $497.8 Million, indicating an 80% gain

ADA Price PredictionSource- Tradingview

Being affected by the widespread uncertainty in the crypto market, the Cardano coin price showed a slow yet steady recovery in the daily time frame chart. The ADA price bullish reversal from the $0.3 psychological support has recorded 28.4% growth within the last three weeks.

With sustained buying, the coin price challenged another resistance zone of $0.385-$0.38, indicating the buyers’ attempt to prolong the bullish rally. However, in March’s 3rd week, the daily chart showed three high-week rejection candles at the $0.385 mark projecting it as a high supply zone.

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By the press time, ADA price traders at the $0.385 mark with an intraday gain of $4.54. Anyhow, interested traders must wait for a clear breakout above the $0.385 resistance to obtain a long-entry opportunity. 

This potential breakout will provide buyers an additional stepping strong to prolong a bullish rally 9% higher to challenge the 2023 high of $0.42.

On a contrary note, if the daily candle closing remains below $0.38 the sellers could encourage temporary consolidation below the aforementioned resistance.

Technical Indicator

Relative Strength Index: the daily RSI slope rising high in the bullish territory and above its last swing high indicates the growing bullish momentum and additional confirmation for a $0.385 breakout.

Bollinger Band: the midline of the Bollinger band indicator acts as a dynamic support leading the ongoing recovery in ADA price.

Cardano Coin Price Intraday Levels

  • Spot price: $0.382
  • Trend: Bullish
  • Volatility: Low
  • Resistance level- $0.385 and $0.42
  • Support level- $0.355 and $0.32

The post ADA Price Prediction: Cardano Price Cooks Up Potential Breakout and 9% Rally for this Week appeared first on CoinGape.

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Brian Bollinger