This forecast reveals that Cardano is moderately bullish and looking for higher price levels. All the indicators used in the analysis of this market are positive about further bullish gain in this market. Additionally, we can see that ADA is retaining its bullish character against USD and BTC counterparts.
Cardano Coin Forecast Statistical Data:
Cardano Coin current price: $44.00
Cardano Coin Market Cap: $17.4 billion
Cardano Coin circulating supply: 33.74 billion
Total Cardano Coin supply: 34.3 billion
Cardano Coin Ranking Coinmarketcap: #8
Resistance levels: $0.5174, $0.5200, $0.5221
Support Levels: $0.5170, $0.5150, $0.4900
In this forecast, we will attempt to examine this market for signs of what lies ahead for this crypto. And we will try to find the best trading decisions for traders in this market.
Solana Coin Value Forecast: ADA Trading Moderately Higher Against USD
Analysis performed on the hourly chart of ADA/USD reveals that this cryptocurrency is trading in an upward sloping price channel. The price channel can be seen as the two straight reds that form an upper and lower band around the price movements. Furthermore, we can see that the price movement remains above the middle line of the Bollinger band indicator. Although the last candlestick on this chart is bearish, the reversal caused by this candlestick is insignificant. However, the importance of the reversal will increase if the selling pressure in this market increases and the next candle forms a bullish candle.
Also, the Stochastic RSI is showing steep lines to the upside. Consequently, this says that the trend is strong. While these lines have not yet reached the oversold region, if the uptrend continues to gain momentum, the value of this cryptocurrency will extend its gains. Eventually the crypto may be worth $0.5500 and later $0.6000. Traders can place a buy stop order at $0.5400.
Solana Coin Value Forecast: ADA Uptrend Less Significant vs. BTC
Although ADA/BTC is still bullish here as indicated by the trading indicators, this bullish trend is of a lesser magnitude here. On the ADA/BTC chart, we can see that the last four candlesticks are bullish. One advantage of this is that three of these candlesticks were above the Bollinger indicator’s midline. Also, the last candlestick here is already testing the resistance created by the price channel.
Following the activities depicted on the Stochastic RSI, the resistance created by the top of the price channel will eventually break. These conclusions stem from the fact that the Stochastic RSI threads are still at 45% and 54% levels. This implies that the value can increase if the trend continues to gain momentum. Eventually the values can reach 0.00002400 and 0.00002500.
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