Let’s be honest here. 2022 was less successful for Cardano from the ADA course side. However, such price losses are understandable, considering the bear market. Still, the project is striving for a successful year in 2023.
The indications are not that bad, regardless of the low prices of ADA. So, the question is: will Cardano reach $1 after the FTX crash? Let’s learn a little bit more about what ADA holds in this Cardano prediction.
Technical Analysis
After gaining a substantial value yesterday, the coin price has further increased and endures to cover the range uphill. Bulls have recovered the losses experienced during the beginning of the week, as mainly the trend was downwards.
Nonetheless, as the market began to recover the other day, ADA was one of the highest gainers, not to mention the bullish trend has also recovered the price of about $0.3146 today.
The following resistance for ADA is present at $0.3173, while the current support is present at a point of $0.3083. The bears were also powerful in the market and have handled to push the price down.
Still, it seems that the bullish trend is difficult to resist and drove the price further today.
The 24-hour Cardano price analysis proves that the USD/ADA pair is still on an upward trend. The bulls are trying to challenge the $0.3173 resistance that seems to be currently going under a test spoon.
The following target for bulls will be the recent swing high of $0.3173 that was noticed yesterday. However, bulls were not able to hold their position for that long as the price immediately came down the following day. Today, it’s the next parallel resistance for bulls to experience.
The moving average (MA) is currently trading at the $0.3172 level after it crossed over the SMA 50 curve—considered a bullish crossover. The relative strength index (RSI) is also trading at 38.49, close to the over-bought limit at a steep upwards slope. It offers a hint about current buying activity.
On top of that, the MACD indicator presents bullish activity and a potential crossover soon. That will further boost the positive sentiment for the bulls.
Further technical indications and recent developments
The 4-hour Cardano price analysis proves that ADA still wishes to race high, as its price has been on an upward trend for the past few hours. The correction noticed at the end of the last trading session continued as well for the first four hours of today’s trading session, and the price breakout was downwards.
However, later on, bulls made an aggressive comeback and made more gains.
We also want to add that the MACD indicator presents bullish momentum. Still, the price is also experiencing resistance from a temporary moving average curve at $0.3140. What’s more, the hourly RSI indicator is trading at 49.82.
That only indicates the bulls currently have the upper hand in the crypto market and are more likely to continue their upwards gains. Have we mentioned that the MA indicator is on for four hours and is at the $0.3140 mark?
Analysis Conclusion
Overall, Cardano price analysis recommends the cryptocurrency is taking advantage of the bullish swing today. That’s an encouraging indication for the buyers, especially if the coin can keep its price levels for the coming days.
Nevertheless, trading the market could be dangerous, so it is essential to follow a solid and strong strategy. Still, overall sentiment in the market seems optimistic, and investors tend to continue to see returns on their investments.
FAQs
Q: Should you buy or sell Cardano at current levels?
Cardano is in a downtrend, but the overpraised level on the RSI specifies that a relief rally is possible in the future. The pair could first rally to the breakdown level of $0.40. If buyers conquer this challenge, Cardano’s price analysis recommends a rally to the 50-day SMA is likely.
Q: Is Cardano a great investment?
Many analysts are positive about the crypto asset going into the future. If the broader crypto market turns bullish in 2023, analysts expect it to end in 2023 anywhere between $1.50 and $2.
Q: How much will Cardano be worth?
The projected price of Cardano is $5. It may even reach beyond $10 if investors have determined that it’s a good investment this 2022.
Q: Is ADA a good buy now?
The real value to users will increase as the blockchain gets more efficient and faster. Most predictions recommend that Cardano could reach $1, making it a good buy.
Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.