Saturday, July 20, 2024

Cardano Price Forecast: 10% Correction Possible Without This Catalyst.

The price of Cardano (ADA) is experiencing upward momentum, targeting the $0.45 resistance level, last reached in April. But in order for the bulls to continue making money, the cryptocurrency needs to go beyond a significant supply hurdle.

Cardano price could decline by 10%.

Since the market as a whole turned bullish on October 18, Cardano (ADA) has seen a price increase of about 65%. Although ADA’s run has been steady, it may have peaked now that the altcoin is testing a critical supply barrier that spans from $0.3998 to $0.4099.

The Relative Strength Index (RSI), which tips south to indicate that momentum is waning, has an outlook that gives one goosebumps. Additionally, the red histogram bars of the Awesome Oscillators (AO) are flashing and moving in the direction of the midline and, eventually, the negative region. This indicates that the bears are moving closer together.

Increased selling pressure may prevent Cardano’s price from passing through the supply barrier, sending it downward and possibly even below the $0.3838 support level. If the price continues to decline, it may reach the supply barrier that has transformed into a bullish breaker, extending from $0.2876 to $0.3576 and hitting the $0.3507 support level. This would indicate a 10% decline from the present levels.

In the worst scenario, the price of Cardano can break and close below the $0.3255 midline, confirming the downtrend’s persistence.

However, if purchasing pressure picks up, Cardano’s price may go into the supply zone, which is from $0.3998 to $0.4099. A break and close above its midline at $0.4051 would disprove the bearish argument, possibly paving the way for the intermediate trend to continue.

In an extremely bullish scenario, the price of Cardano might increase further to the psychological $0.4500 mark, or in more aggressive scenarios, it might reach the range high at $0.4619. A change like that would represent a 17% increase over the present levels.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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