TL;DR Breakdown
- After stagnating at the consolidation phase, ADA now shows signs of a 20% breakout in either direction.
- ADA is currently moving towards the pinnacle of the symmetrical triangle pattern.
- Trading data brings to light a substantial supply barrier that could oppose ADA’s upsurge.
For the past few days, ADA has been trading sideways. At present, the number 5 cryptocurrency is closing the gap of its consolidation pattern, insinuating an aggressive breakout might be in the offing soon.
Cardano Price Prediction: General price overview
Since 27th February, ADA has been forming lower highs due to the aggressive selling spree that has been dominant in the market. However, buyers have started responding and taking advantage of the current price dip by creating higher lows from the look of things.
At present, Cardano’s symmetrical triangle pattern appears to be evolving by linking these swing lows and swing highs using trendlines. As an important technical indicator, Cardano’s current symmetrical triangle has no inherent bias but predicts a 20 percent breakout.
It is important to note that the breakout might go either way. The direction depends on the result derived after calculating the distance between the swing high and swing low created between 26th February and 27th February.
Cardano price movement in the past 24 hours
Since the opening of trading today, Cardano has been on a progressive downward trend. After opening the day at $1.12957, the number 5 cryptocurrency has been plummeting in value due to the current selling onslaught. The opening price was the highest price ADA recorded during today’s trading.
At the time of writing, Cardano is exchanging hands at $1.06, a significant price decline from the opening price. However, it is not over for the number 5 crypto asset, as positive movements are brewing to cancel the bearish trend. ADA must move past the $1.1 mark to convincingly overturn the effects of the current bearish actions.
Cardano price movement on the 4-hour chart
On the 4-hour chart, ADA’s 4-hour candlestick is signaling a close above the $1.14 mark. If this comes to fruition, Cardano might experience a 25 percent price surge that is sure to capture market traders’ attention.
However, if ADA fails to close the day past the $1.11 mark, a correction of significant magnitude will be triggered. Following the SuperTrend indicator flashing sell signals, there is a higher chance that ADA is in for further price depreciation movements.
The IntoTheBlocks IOMAP model also adds traction to the current bearish prediction. According to this technical indicator, sparse demand barriers are resting below the current price of ADA. Additionally, over 23,000 investors bought over 470 million ADA tokens at an average valuation of $1.06. This move will help Cardano get back to its feet.
Conclusion
Although the IOMAP model suggests that any momentary price surges might encounter overhead and selling pressure from out-of-the-money addresses, there is hope for ADA. A rise past the $1.13 barrier, where over 136,000 traders bought over 5 million ADA tokens, will serve as Cardano’s comeback.
Therefore, it is essential to note that if the bulls come out to support ADA in bypassing the $1.13 mark, there is a higher chance of surging to the moon. If this happens, Cardano addresses might propel the number 5 crypto asset towards the upward target at $1.44.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.