Fun

Cardano Price Set To Skyrocket By 430%, Crypto Analyst Predicts

News Feed - 2024-10-26 08:10:57

Este artículo también está disponible en español.


In an analysis published on TradingView, pseudonymous crypto analyst Melika Trader has provided a technical forecast for Cardano (ADA), highlighting a long-term upside scenario with a price target of $1.8. Using chart patterns and key price levels, Melika offers both short and long-term perspectives on ADA’s price movement. Long-Term Cardano Price Outlook


Melika identifies a significant support zone for ADA between $0.30 and $0.35. This range has historically shown strong buying interest, characterized by an engulfing candle pattern and previously established supply and demand (S&D) zones. This base formation suggests a robust floor where Cardano has consistently garnered market support.


The analyst points out the potential for a bullish reversal, noting that ADA’s price action appears to be forming a bottom within this support zone. “The price seems to form a bottom after engulfing the support region, hinting at a potential bullish reversal,” Melika states. Cardano price analysis, 1-week chart | Source: TradingView.com


Looking ahead, Melika sets a long-term resistance target between $1.20 and $1.80. This target area is not arbitrary but is based on previous price peaks, making it a significant hurdle for future price action. Should ADA maintain its support base, the path to these higher resistance levels may be realized as buyer confidence rejuvenates, setting the stage for a potential bull run. Related Reading Cardano’s Pullback Short-Lived, Fresh Rally Underway For ADA? 2 days ago


“The next major resistance is in the $1.20-$1.80 zone, marked as a long-term target, which aligns with previous highs. If the current support holds, ADA could be positioned for a sustained rally toward the long-term target, especially as buyers regain confidence,” Melika writes.


However, she also cautions investors about a bearish scenario where ADA fails to maintain the $0.30 support level. A breach below this threshold could lead to a decline to levels below $0.18, presenting a substantial risk for holders. “A failure to hold support around $0.30 could see the price retesting to below $0.18,” Melika warns. Related Reading Cardano Bullish Pattern Suggests A Breakout – Can ADA Reach $0.54? 1 week ago ADA Price Analysis: Short-Term Outlook


In the immediate term, ADA is navigating a strong support zone identified between $0.33 and $0.34, aligned with a lower trendline that underscores its importance. “A bounce from this support zone could see ADA targeting the resistance zone at $0.38 – $0.39. The engulfed area suggests a possible reversal signal,” the crypto analyst claims. Cardano/TetherUS, 4-hour chart | Source: TradingView.com


This resistance zone at $0.39 represents a critical point where previous sellers have previously dominated, making it a pivotal area for ADA’s short-term price action. A successful breach of this resistance could validate the bullish rebound scenario. “The $0.39 zone is a significant resistance where sellers previously controlled the market, making it a critical area to watch for any breakout,” Melika states.


Conversely, if ADA fails to sustain its current support, the price could retreat towards the broader long-term support at $0.30, underpinning the downside risks highlighted by Melika.


At press time, ADA traded at $0.3437. ADA price needs to overcome the 0.236 Fib, 1-day chart | Source:ADAUSDT on TradingView.com Featured image from Shutterstock, chart from TradingView.com

News Feed

William Suberg9 hours agoBitcoin traders eye weekly close volatility with $27K BTC price on radarBitcoin price analysis on both long and short timeframes is now focusing on the importance of the $27,000 mark.3391 Total v
Bitcoin, Ethereum Technical Analysis: BTC Surges to $45,000, as Russia Considers Accepting the Crypto for Oil & Gas
Bitcoin, Ethereum Technical Analysis: BTC Surges to $45,000, as Russia Considers Accepting the Crypto for Oil & Gas Bitcoin moved past its $45,000 price ceiling, after it was repor
Trudeau Invokes Emergencies Act to End Freedom Convoy Protests — Canada’s Terrorist Financing Rules Now Cover Crypto
Trudeau Invokes Emergencies Act to End Freedom Convoy Protests — Canada"s Terrorist Financing Rules Now Cover Crypto The Canadian government has invoked the Emergencies Act to de
Bitcoin Hashrate Ramps to 130 Exahash Amid Next-Generation Miner Shortage
Bitcoin Hashrate Ramps to 130 Exahash Amid Next-Generation Miner ShortageRegional reports from China have highlighted that a number of major Chinese ASIC mining rig manufacturers ha
Vietnam’s Blockchain Industry Faces Shortage of Talent
Vietnam’s Blockchain Industry Faces Shortage of Talent The booming blockchain sector in Vietnam is having to deal with a serious deficit in specialists, local media revealed. Des
Genesis Doubles Crypto Loan Issuance for the Third Quarter to $5.2 Billion
Genesis Doubles Crypto Loan Issuance for the Third Quarter to $5.2 Billion Crypto lender Genesis provided $5.2 billion in new loans in the third quarter of 2020,
As Bitcoin Soared Past $68K, Plan B Says Floor Model Shows BTC Reaching ‘$100K This Year’
As Bitcoin Soared Past $68K, Plan B Says Floor Model Shows BTC Reaching "$100K This Year" On November 8, 2021, the price of bitcoin reached an all-time high of $68,564 per unit at
Marcel Pechman5 hours agoHere’s how Bitcoin investors can trade the tension surrounding a U.S. government shutdownRumors of a US government shutdown impact asset prices, including Bitcoin. Here’s how BTC options trad
US Government Fines Bitgo for Allowing Users to Bypass Sanctions With Cryptocurrency
US Government Fines Bitgo for Allowing Users to Bypass Sanctions With Cryptocurrency The U.S. Office of Foreign Assets Control has fined Bitgo for failing to pre
Ripple contests $2B SEC fine, says penalty shouldn’t exceed $10M
Ezra Reguerra12 hours agoRipple contests $2B SEC fine, says penalty shouldn’t exceed $10MRipple said in a filing that the SEC’s “Draconian remedial requests” do not have grounds in law or principle.4194 Total vie
David Attlee44 minutes agoBill to exempt foreigners from crypto taxes passes preliminary reading in IsraelThe bill would also level up crypto bonuses with employee stock options by reducing the current 50% tax to 25%.400
Dogecoin Price May Explode By 10,200% Based On Classic Chart Pattern: Expert
Este artículo también está disponible en español. Henrik Zeberg, a prominent macroeconomist known for his expertise in business cycles and Head Macro Economist at Swissbl