Following a massive bull run that saw the price of Bitcoin, the largest cryptocurrency by market cap, surge to a new all-time high, the general crypto market is currently experiencing price corrections.
Other cryptocurrencies including Cardano (ADA) benefited from the bullish sentiment with its price rising above $0.80. However, like Bitcoin and most other coins in the market, ADA has lost some of its accumulated gains. This situation brings further questions and concerns about the price prediction for Cardano, checking if it will bounce back above the $0.80 mark.
Cardano (ADA) price prediction
Cardano initiated a new rise after establishing a base above the $0.580 mark. Like Bitcoin and Ethereum, the price of ADA entered into a positive zone by rising above the resistance levels of $0.620 and $0.680.
The pair broke above the $0.700 barrier level thanks to the bulls. But the $0.80 resistance zone was where the bears were aggressive. A peak was reached at $0.8097, and the market began to decline. Also, a change occurred below the $0.750 mark.
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The ascending wave from the $0.5754 swing low to the $0.8097 high was retraced 23.6% of the way before the price fell. The 100 simple moving average (4 hours) and $0.7250 are traded below the ADA price.
Moreover, a significant bullish trend line is building on the ADA/USD pair’s 4-hour chart, with support at $0.6880. The trend line of the rising wave from the $0.5754 swing low to the $0.8097 high is close to the 50% Fib retracement level.
Source: TradingView
The $0.680 support level may still be a hot spot for bulls. Immediate resistance on the upside is located close to the $0.7220 region. The initial barrier is located close around $0.740. $0.800 could be the next major resistance level.
A close above the resistance level of $0.800 can trigger a significant price upswing. In the example given, the price may increase to around $0.8250. If gains continue, a move toward $0.850 might be necessary.
Cardano (ADA) price today
Meanwhile, data from Coinstats shows that Cardano is currently trading at $$0.72. This represents an 8.57% increase over the last day. Even though the price of the coin is taking a major hit, the volume continues to skyrocket.
According to CoinMarketCap data, ADA’s trading volume has surged by over 90% in the last 24 hours, resting at around $1,8 billion. Finally, Cardano continues to maintain its position on the list of the top 10 largest cryptocurrencies in the market, occupying the #9 position.
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.