Our Cardano Price Prediction might flip bullish if ADA price reclaims $0.55. This level has acted as a strong resistance since the price broke below it in June 2022. At the time of writing, the price is trading at $0.51 after gaining 2.7% in the last 24 hrs. In the last 7 days, the price has increased by 9.7.
During yesterday’s trading session, the Bitcoin price surged to its Monday high before experiencing a minor correction. Most altcoins, including Cardano ADA, showed positive price action after Monday’s correction. Cardano price is trading 83..4% below its September 2021 all-time high. This makes it one of the worst-performing smart contract platforms.
Most analysts attribute the lack of network activity to this downtrend. The slow development of the ecosystem has also quite adversely affected the coin’s price action. As per Cardano news today, Sygnum bank has dipped its toes into Cardano staking. Sygnum is a digital asset bank that aims to offer crypto staking in the framework of a regulated financial services firm.
Technical analysis of the ADA crypto chart shows that the price broke out of the downtrend in the first week of July. Nevertheless, the cryptocurrency failed to gain momentum and retested the $0.41 support in the same month. Since then, the price has been rejected from the $0.55 level twice, and now appears to be ready for another retest.
If the price reclaims $0.55 resistance and flips into support, then Cardano price prediction of $0.72 appears to be quite valid. This price target also aligns with June high and the 0.382 Fib retracement region. However, for such a price move, ADA bulls would need support from Bitcoin price action.
If Bitcoin price gets acceptance below $22,000, then new lows could be expected for most altcoins. Therefore, if you’re entering a Cardano position, a breach of $0.41 support could be a good stop loss.
Trading cryptocurrencies without any guidance could be very risky. Therefore, it is always helpful to learn from experienced traders. We at InvestigCube have designed an indicator known as Premium S&R Levels. This indicator keeps you updated on all the potential trade setups in real-time. Hence, you must subscribe to this paid tool to stay ahead in the game.
Currently, this indicator is in a long trade, with Cardano price targets of $0.52 and 0.54. The upwards target coincides with the $0.55 resistance mentioned in this article. You may trade ADA and other altcoins by signing up on Binance.
This post was last modified on Aug 04, 2022, 06:57 BST 06:57