Cryptocurrencies

Cardano Price Prediction: There is Room for Additional Upside

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Written By: Eno Ikenna Eteng
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    Summary:
  • The odds of Cardano price predictions turning bullish have increased after a strong two-day surge in the ADA/USDT pair.

Cardano is coming off a strong two-day rally, which has come after a prolonged period of bearishness. The 2-day gain in Cardano has allowed it to gain close to 10%, surpassing the market cap of Solana to reclaim the 5th spot on the most capitalized cryptocurrency.

Trading volumes have also surged, indicating that open interest in the token is increasing. This is because the price is now deemed attractive for reinvestment by many players. 

Cardano is set to launch Phase 3 of its roadmap, which is Basho. This involves the implementation of a solution to drive up its transaction speeds. It also includes an interoperability upgrade, allowing for cross-chain interaction between Cardano and other blockchains. 

Cardano Price Prediction

The intraday decline is now testing the 1.499 support level. A bounce off this level allows the bulls to aim for the 1.601 price mark. 1.761 only becomes an available target if the 1.601 resistance is cleared. 1.847 and 1.943 are additional targets to the north.

On the flip side, a breakdown of 1.499 allows for an additional pullback to 1.405. 1.197 is another target to the south. There is also the potential for 1.300 to serve as a pitstop on the way there.

ADA/USDT: 4-hour Chart

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This post was last modified on Jan 17, 2022, 17:08 GMT 17:08

Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.

Published by
Written By: Eno Ikenna Eteng