Cardano’s price is in a tight trading range, with seven consecutive weeks of weekly closes below their open. There’s been no explosive movement yet, but it may come soon given the current conditions.
Cardano has been consolidating for the past few weeks. However, likely, Cardano will soon break out. The next bullish breakout target could be $4 in value, which would move up to an all-time high.
Cardano ADA Price Prediction
ADA’s price is approaching some critical levels. ADA is moving steadily towards its resistance and support levels that stand at $2.298, a group it recently hit a high for on October 21st.
Cardano could be on the cusp of a massive breakout. If this cryptocurrency breaks out, its price will skyrocket as investors take advantage of Cardano’s rise in value over time and its potential for growth in the future.
Cardano is a promising cryptocurrency that could soon break out of its current downtrend.
According to FxStreet,
“Cardano price completed seven consecutive weeks of weekly closes below their open. Extremely tight trading ranges often preceded explosive movement. The next bullish breakout for Cardano is likely to target new all-time highs in the $4 value area”.
However, Cardano is currently riding a wave of momentum and waiting for that one big move to turn it into something more than just steady. If an upturn happens, everyone will be able to reap the benefits as well.
ADA might be in the middle of something big. ADA is looking for a catalytic move, and after witnessing September’s high at $3.16, it seems like they are far from finished yet! This resulted in a symmetrical triangle formation that offered around 2 dollars per coin (or token) support.
Cardano is currently trading within a range bound by resistance at $2.15 and support below it, with neither direction likely to give way just yet as both have been broadly consistent for much of this year already. A bullish scenario emerges if the Cardano price clears its upside resistance or loses downside support first; then, there’s enough room up above September high.
Besides this, Cardano’s next bullish breakout is likely to target new all-time highs in the $4 range.