ADA Price Prediction: Healthy Retracement to Key Fibonacci Level Prepares Cardano Price for 16% Rally
ADA Price Prediction: Amid the increasing negativity in the crypto market, the Cardano price showcased a V-top reversal from the peak of $0.46. This correction tumbled the altcoin by 18% and plunged to 32.8% Fibonacci retracement level at local support of $0.377. A retracement to the aforementioned FIB level is considered healthy and increases the possibility of uptrend resumption.
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Key Points:
- The formation of a double bottom pattern could trigger a fresh recovery in Cardano price
- The post-correction recovery could surge the ADA price 16% higher to challenge the $0.46 swing high
- The intraday trading volume in the ADA coin is $289.5 Million, indicating an 8.6% gain
Source- Tradingview
The ongoing correction phase in Cardano price has taken a minor halt at the combined support of $0.377 and 38.2% FIB level. Moreover, the sideways movement above the mentioned support reveals the formation of a double-bottom pattern.
A reversal pattern at crucial support increases the possibility for ADA price to resume the prevailing recovery rally. By the press time, the Cardano price traded at $0.385 with an intrADAy gain of 0.13%.
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With sustained buying the coin price is likely to breach the $0.3977 neckline resistance, which will accelerate the underlying bullish momentum. If the potential reversal pierces the $0.41 resistance at the 23.8 FIB level, the buyers will raise the price another 12.75% to hit the $0.46 peak.
Conversely, if the buyers failed to sustain above $0.41, the Cardano price will remain under the threat of further correction and a breakdown below the 38.2% retracement level.
Technical Indicator
Relative Strength Index: the 4-hour chart RSI slope showing evident bullish divergence gives additional confirmation for price recovery.
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Exponential Moving Average: the crucial EMAs(50, 100, and 200) accumulated between the $0.41 and $0.397 barrier accentuate the high resistance zone which needs to be breached for further recovery.
Cardano Coin Price Intraday Levels
- Spot price: $0.395
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.397 and $0.4
- Support level- $0.382 and $0.378
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