Today’s Cardano price prediction bullish as the market has retested support at $1.15, which has supported the market for the past week. Until this support holds, we should see further upside for ADA over the next few days.
The crypto market has retraced over the past 24 hours. Bitcoin and Ethereum are down almost 3 percent. Similar loss is seen across the board for altcoins with various severity of loss. Tron (TRX) is the best performer so far as it has managed to move counter to the overall market and is up by 27 percent.
Cardano price prediction: Cardano continues to move sideways, prepares to push to $1.34
ADA/USD opened at $1.162 after the market retested local resistance at $1.25 yesterday and pushed lower overnight. Earlier today Cardano found support at the $1.15 support again, from which the market will likely rally next week as it prepares to finally break above the week-long consolidation area.
Cardano price movement in the last 24 hours
The ADA/USD price moved in a range of $1.17 – $1.24, indicating a moderate amount of volatility for the market. Trading volume has decreased by 6.6 percent and totals $2.9 billion. Meanwhile, the total market cap stands just below 38 billion, ranking the cryptocurrency in 6th place overall.
ADA/USD 4-hour chart – ADA retest $1.15 support
On the 4-hour chart, we can see ADA retesting support at $1.15 after the market saw bearish momentum overnight. As long as the $1.15 support keeps holding, we should see another attempt to break the $1.25 resistance next week.
Overall, Cardano has consolidated for the past week after severe volatility took the market towards the previous all-time high of $1.48. After a failed breakout, the Cardano price momentum shifted heavily and retraced most of the gains. Support was found around $1.05, meaning that a new swing higher low was set, indicating bullish momentum slowly forming.
After consolidating below $1.15 for several days, Cardano did manage to break above this resistance on the 26th of March and spiked to $1.25 next resistance in a couple of hours. What followed was a retracement to the $1.15 level which now acted as strong support.
From there, Cardano started to move sideways around the price range of $1.15-$1.25, with several attempts to break to either side. Therefore, until the Cardano price momentum can finally break to either side, the direction for ADA is unclear.
Considering the price action seen earlier in March, we expect the market to break to the upside. The next resistance level is located around the $1.34 mark, which if reached from the current market price of $1.175, would mean a gain of around 13-14 percent. Reaching the $1.34 level would also mean that a clear higher high has been set, indicating overall bullish price action for the upcoming weeks and likely months.
Alternatively, if the $1.15 support fails to hold ADA/USD, we could see further push lower over the next weeks, with the next support located at the $1-$1.05 area where the previous two major lows were set.
Cardano Price Prediction: Conclusion
Cardano price prediction is bullish as ADA/USD found support around the $1.15 level. Some rejection for further downside was made earlier, meaning that ADA prepares to move higher over the next 24 hours in an attempt to break the $1.25 resistance once again.
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