Cardano Price Prediction: ADA faces critical resistance while bulls aim for $0.34
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Cardano is in the middle of a recovery mission after bouncing off support at the 100 Simple Moving Average on the 4-hour chart. However, gains are lik

  • Cardano has made a minor recovery from support at the 100 SMA, but the upside is limited under $0.28.
  • On-chain metrics spell trouble as ADA bulls fight to reclaim the lost ground toward $0.34.
  • Cardano has made a minor recovery from support at the 100 SMA, but the upside is limited under $0.28.
  • Cardano has made a minor recovery from support at the 100 SMA, but the upside is limited under $0.28.
  • On-chain metrics spell trouble as ADA bulls fight to reclaim the lost ground toward $0.34.
  • On-chain metrics spell trouble as ADA bulls fight to reclaim the lost ground toward $0.34.

    Cardano is in the middle of a recovery mission after bouncing off support at the 100 Simple Moving Average on the 4-hour chart. However, gains are likely to delay due to the overhead pressure, especially at the 50 SMA ($0.28).

    recovery mission after bouncing off support

    Cardano bulls relentlessly fight to reclaim lost ground

    A daily close above the 50 SMA is likely to see Cardano push the recovery mission higher. More resistance is anticipated at $0.3. If buyers can make it past these two key levels, investors currently sitting on the sidelines may join the market, and perhaps creating enough tailwind for gains beyond $0.34.

    Cardano

    ADA/USD 4-hour chart

    ADA/USD 4-hour chartADA/USD 4-hour chart

    ADA/USD 4-hour chart

    ADA/USD 4-hour chart

    IntoTheBlock’s IOMPA model reveals intensifying resistance towards $0.34, where the most robust seller congestion zone lies between $0.3 and $0.31. Here, roughly 16,200 addresses previously bought nearly 1.2 billion ADA. Breaking through this zone will not be easy; therefore, bulls must brace for an uphill battle.

    Cardano IOMAP model

    Cardano IOMAP modelCardano IOMAP model

    Cardano IOMAP model

    Cardano IOMAP model

    The model also reveals the lack of formidable support for Cardano, hence the possibility of a breakdown coming into the picture. For now, subtle support runs from $0.23 to $0.24. Here, about 10,500 addresses had previously bought approximately 488 million ADA.

    Cardano

    On the contrary, the weekly chart presents a massive head-and-shoulders (H&S) pattern. In technical analysis, this chart pattern is exceptionally bullish. Hence, it suggests that Cardano may turn the trend around for a massive 900% upswing to new all-time highs around $2.18.

    analysis

    ADA/USD 4-hour chart

    ADA/USD 4-hour chartADA/USD 4-hour chart

    ADA/USD 4-hour chart

    ADA/USD 4-hour chart

    Simultaneously, if the smart contract token closes the day above the short term support at $0.26, stability could return to the market. A stable market will give buyers ample time to plan the next attack at the resistance presented by the 50 SMA and the seller congestion at $0.30.

    From: FXSTREET