Thursday, September 16, 2021
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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Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

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