- Summary:
- Cardano price has bounced off Tuesday's low. However, it lacks enough bullish momentum to push it past its one-week range.
Cardano price has recorded curbed gains in Wednesday’s session; as is the case with most other cryptocurrencies. Since bouncing off Tuesday’s low, the altcoin has risen by 3.12%. During the same timeframe, Solana and Ethereum has surged by 1.51% and 3.87% respectively. In the near term, the crypto will likely have its upward potential curbed by the ongoing risk aversion.
Cardano price prediction
ADA has been within a horizontal channel for a week now. This follows its decline from a three-week high of 1.5958. The upper and lower borders of the aforementioned channel are at 1.3963 and 1.2833 respectively.
At the time of writing, Cardano price was up by 2.89% at 1.3465. While it has bounced off the week’s low of 1.2953, it lacks enough bullish momentum to break out of the week-long range.
On a four-hour chart, it is trading along the 25-day EMA and slightly below the 50-day EMA. Besides, it is still below the long-term 200-day EMA.
In the short term, Cardano price will likely remain within the horizontal channel. Additional bullish momentum may push the crypto past the range’s upper border to the higher resistance level at 1.4636.
On the flip side, a decline past the lower border will probably have the bulls defend the support zone at 1.2000. Based on both the fundamentals and technicals, it may remain below the psychological level of 1.5000 in the short term.
