Cardano Price Prediction: ADA eyes a 43% upswing

Cardano price begins consolidation in an ascending triangle pattern.
A decisive close above $1.18 suggests a 20% upswing is on the horizon
If ADA bulls fail to defend the demand barrier at $1, a 35% correction is likely.

The Cardano price is consolidating in a bullish pattern suggesting a 43% bull rally if a critical supply barrier is broken.

Cardano price at a crucial level

On the 12-hour chart, the Cardano price created three higher lows and two equal highs since February 22. An ascending triangle pattern emerges if the trend lines are drawn connecting this swing highs and lows.

This technical formation predicts a 43% bull rally to $2.09, determined by measuring the distance between the swing high and swing low at the widest part of the setup. However, this is possible if ADA manages a 12-hour candlestick close above the breakout point at $1.46, the triangle’s base.

Supporting this bullish thesis is the recent surge above the 78.6% Fibonacci retracement level at $1.18, which flipped the 50 Simple Moving Average (SMA) into a support barrier. Now, a continuation of this bullish momentum could produce a higher high around $1.46 or breach it.

In case of a successful close above the triangle’s base, the Cardano price will confirm a breakout of the bullish setup and forecasts a bull rally to $2.09, which is around the 141.4% Fibonacci extension level.

ADA/USDT 12-hour chart

The Cardano price must stay above the triangle’s hypotenuse around the $1 level to sustain a bullish bias. However, a spike in selling pressure leading to a decisive close below this level could flip the 100 SMA into resistance and confirm the bullish thesis’s invalidation.

In this scenario, the Cardano price could slide 13% toward the 61.8% Fibonacci retracement level at $0.95. If the bearish momentum persists, ADA could crash up to 35% toward the 200 SMA around $0.70.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram