- ADA’s price could break key resistance levels, aiming for $1.05 or higher soon.
- Cardano faces strong support at $0.93, with a key resistance at $1.025 for bullish moves.
- Short-term sentiment is balanced, but MACD hints at possible bearish pressure ahead.
The price action of Cardano (ADA) looks bullish, with expectations it could reach $2 in the upcoming days. However, the most significant movement could happen by January 10, when ADA may hit $3, according to recent cycle data.
Given current market conditions and trends, Cardano could be well-positioned for a strong rally, with the potential to break past key resistance levels in the coming weeks. According to Dan Gambardello, founder of Crypto Capital Venture, if the momentum continues, ADA’s price could even exceed $3 before the end of January.
Price Trend Analysis: Current Momentum
Cardano is trading at $1.02 as of writing, having increased by 0.63% over the last 24 hours. The cryptocurrency’s dip and a recovery phase means it’s set to see an upward trend.
ADA has reached $1.025 recently, which is a key turning point for the coin. In the future, if the price keeps on rising, it could break through critical resistance levels, indicating extra bull action shortly.
Key Support and Resistance Levels
ADA’s price action is influenced by important resistance and support levels that traders should watch closely. The first notable resistance is $1.0186, which marked a peak before the price dipped.
If ADA surpasses this level, it could aim for the next resistance at $1.025. This price point has proven to be a significant hurdle, as it represents the highest point reached in the current rally. A breach above $1.025 could suggest ADA is headed for even higher targets, potentially approaching the $1.05 level.
On the other hand, ADA faces a few key support levels. The lowest point seen during the recent dip was $0.93, which acts as the primary support for ADA. A break below this level could signal further declines. Additionally, $0.98 serves as a secondary support level. This is where ADA found some consolidation before continuing its upward momentum.
Short-Term Outlook: Bullish or Bearish?
The short-term prediction of ADA is stable and again dependent on whether the coin can continue its climb. A breakout to the upside, and in extension to $1.05 and above, should be confirmed with prolonged trading above $1.025. Conversely, a price below $1.02 will form bearish scenarios and a retest of $0.98 and $0.93.
Further, ADA has a 1-day RSI of 57.66, which is neither overbought nor oversold, implying a balanced sentiment around Cardano. However, the 1-day MACD is below the signal line which may suggest bearish formation in the short run.
