ADA Cardano Price Prediction for 2023: Is It A Time To Fly?
Cardano founder Charles Hoskinson forges partnerships in Africa to expand the real-world blockchain application in this continent. He was seen to tour several African continents to discuss the blockchain difficulty where any positive decision regarding regulation would be a bullish price driver for ADA. In the latest YouTube Q&A session, Cardano founder noted that Africa is unique regarding the blockchain adoption where investors should monitor how the development is running.
Meanwhile, there is no possibility that the Cardano will burn tokens. There is currently 74% of the circulating supply of 33.28B ADA. Moreover, the amount of staked tokens is increasing as Cardano prepares for an important network upgrade. Currently, the market cap of ADA is at $66,659,098,362 that helps it to remain at 6th most influential crypto coin in the world. Considering the recent development and strong background, Cardano ADA price prediction became important for crypto investors.
Let’s see the ADA Cardano price prediction from the ADA/USDT Technical Analysis:
ADA Cardano Awaits A Breakout
A strong bullish rally in Q3 helped investors gain more than 300% from ADA investment, where the price moved up from $1.00 to $3.10 all-time high with an impulsive bullish pressure. Later on, the price started to correct, but the recovery is still supportive for bulls.
If we draw A Fibonacci Retracement from September high to July low, we would see that the price has reached 61.8% Fibonacci retracement level but failed to form a bearish daily candle below the 1.80 key support level. However, the bearish correction made consecutive lower lows where the dynamic 20 EMA worked as a strong resistance. Therefore, in the Cardano price prediction, bulls should find the price above the dynamic 20 EMA with a strong bullish candle before relying on the possible bullish pressure.
The above image of the Cardano price prediction showed how the price formed a regular divergence with the MACD line and formed a symmetrical triangle at 61.8% Fibo Retracement level. Therefore, based on the daily chart, any bullish daily close above 2.00 to 2.20 would be a strong sign for the upcoming bullish trend. On the other hand, a sharp decline and a red daily candle below the 1.80 may invalidate the current sentiment and lower the price towards the 1.20 area.
ADA Cardano Ichimoku Cloud Analysis
According to the ADA forecast based on the Ichimoku Cloud, ADA/USDT is trading within a lot of volatility where the most recent price is very unstable at the Kumo Cloud area. The Cloud is still indecisive, where the Lagging Span is closer to the price. Meanwhile, the volume decreased after the bullish breakout from Cloud Support.
The above image shows how the dynamic Tenkan Sen and Kijun Sen remained closer to the price with an indecisive momentum. However, the Traders Dynamic Index is bullish above the 0.0 lines where the most recent barrier for bulls is 2.10 level. In that case, any bullish H4 close above the 1.10 event-level would be a strong buying opportunity in this pair. On the other hand, a fresh low below the 1.950 with a bearish H4 candle would initiate a broader correction in the market.
ADA Cardano Intraday Price Action Analysis
In the H4 chart, ADA/USDT is heading lower where the 2.10 is a strong event level. This week, bulls tried to take the price above the dynamic 20 EMA but failed to hold the momentum above the 2.1-0 level. Therefore, investors should wait for the price to break above the 2.10 level before opening a buy trade in the Cardano ADA price prediction.
The most recent high volume levels are corrective, which is a sign of indecision. However, dynamic 20 EMA and weekly VWAP are currently working as resistances to the price where a new swing low below 1.950 would be a strong bearish signal. Meanwhile, the MACD Histogram is bearish but moves to the zero level, signifying a correction.
Based on the intraday price action, a bearish breakout is more likely to take the price down towards the 1.80 level. On the other hand, a bullish H4 close above the 2.10 event level with a strong volume would resume the broader market trend with the target of 3.00 level.
ADA Cardano Ecosystem
Is ADA Cardano A Buy?
According to the ADA Cardano price prediction, long-term bulls are still active where a bullish impulse may happen after the current correction. In that case, a bullish breakout above 2.10 is important. On the other hand, a new low below the 1.950 to 1.80 level may cost more time to find a suitable bullish position.
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