Tuesday, August 9, 2022
Home Crypto News Analysis Cardano Price Prediction: Cardano Awaits A Range Breakout For 40% Upswing

Cardano Price Prediction: Cardano Awaits A Range Breakout For 40% Upswing

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Cardano anticipates a breakout from a range of two key moving averages (50 SMA and 100SMA) in the 12-hour chart.

Bullish RSI is giving hope to ADA buyers. On a sustained break above the 100 SMA, the ADA price will rise to $1.45 where 200 SMA will act as resistance, a break through above 200 SMA will lead price to $1.80 which is a 40% increase.

Read: Michael Saylor “Bitcoin Is Digital Real Estate



ADA rose $1.39 after finding support at $1.18 a few days earlier. Despite sharp fluctuations, Cardano’s prices remained within trading range of $1.25 to $1.30.

Current positive sentiments can be because of recent Yoroi Wallet Release of Dapp Connector That Allows Interactions Between Users And Dapps On Cardano Blockchain. (Read More)

The ADA/USD pair is poised for further growth.

Cardano’s 12-hour chart shows that price is in a familiar range with losses being supported by the 50-simple moving Average (SMA), at $1.25.

Read: 57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments

ADA bulls are still finding resistance from 100 SMA at 1.31.

ada analysis 31-7-21

A breakout from the current range is possible, with greater odds of an upside breakout, amid a bullish cross in the indicated timeframe. The 21-SMA is poised to cross the 50-SMA higher to the upside, which will confirm a bullish cross.





Although the Relative Strength Index (RSI) remains well above 50.00. This adds confidence in a possible advance.

The close of the 12-hour candle over the 100-SMA may trigger a new rally towards the July 26 high at $1.40.

Further up, bulls will attempt to reclaim the horizontal 200-SMA for $1.45.

Once the 1.40 to 1.45 strong resistance is crossed ADA bulls can easily march towards $1.80 which is a 40% increase.

Read: PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

If ADA bears take control 21 SMA and 50 SMA can act as support present at $1.24 and $1.27 respectively.

Overall, Cardano’s price seems to be on the path of least resistance with potential upsides.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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