- December 7, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Cardano Price Prediction: Bulls Eye $2 Despite Losing Majority Gains appeared first on Coinpedia Fintech News
Cardano’s ADA is up by more than five percent in the last 24 hours and is trading above the $1.20 levels at the time of writing. Despite losing majority of the gains made in the last few days, ADA bulls seem to be targeting higher price levels
Looking at the daily chart for ADA, there hasn’t been much change. The key support area to watch is between $0.644 and $0.94, which is important due to Fibonacci retracement levels, especially in a potential Wave 4 correction. If ADA falls below $0.644, it could signal the end of the current uptrend.
Potential for Higher Prices
A possible target range for the next price surge is between $1.72 and $2.95, depending on whether the price continues its current uptrend or completes a correction. A higher low and higher high are expected before the top is reached.
Micro Support Levels
For shorter time frames , the key micro support zone is between $1.11 and $1.21. As long as the price stays above $1.11, the expectation for an upside breakout remains valid. A break below $1.11 could lead to a short-term bearish scenario, but the overall trend remains up as long as it stays above the critical $0.644 level.
Key Price Levels to Watch
- $1.11: Micro support level, the pivot point for potential upside.
- $1.24: A break above this level could signal the start of the next wave up.
- $1.32 – $1.33: Further confirmation would come from breaking the previous high.
- $1.49+: This is the next upside target area if the price continues to rise.
What’s Next?
If ADA breaks the $1.11 level, the bullish pattern will lose strength. However, if the price holds, we could see a breakout toward the higher targets. It’s important to watch for clear breakout signals before focusing on smaller time frames for potential price action.
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FAQs
A break below $1.11 could trigger a short-term bearish scenario, but ADA will remain bullish as long as it stays above $0.644.
According to our Cardano price prediction, the altcoin’s price could hit a maximum of $2.42 by the end of 2025.
At the time of writing, the price of 1 CardanoADA token was $1.21
