Cardano Price Prediction Today: Breakout of Breakdown?
Anjali Belgaumkar6 Dec 20242 min read
Cardano (ADA) has slipped into the red zone and is trading below the crucial $1.20 level at the time of writing. Despite being up by more than 15 percent in the last seven days, ADA is currently showing no signs of bullish momentum. To start, let’s take a look at the broader picture for ADA.
Short-Term Focus
Right now, the focus is on higher prices, with the potential for a pullback into the orange support region between $0.64 and $0.94. This could offer an opportunity for those looking to enter at better levels.
On the smaller time frames, the analyst shared potential upside extensions, but if the price breaks below the support range between $1.11 and $1.21, it could signal a larger wave four pullback. If the price falls below $1.05, that would invalidate this structure. The target levels to watch for are around $1.42, $1.72, $2.36, and possibly even $2.95 in a euphoric phase. However, these targets depend on the price action during the next pullback.
Bitcoin’s Influence
Bitcoin’s dominance has increased a bit, and for now, the focus is back on Bitcoin. However, altcoins like ADA aren’t necessarily suffering; they are just moving sideways. This pullback is still part of the overall setup, so higher prices are still in play.
Cardano’s recent price surge has caught the market’s attention—read our long-term Cardano price prediction to see why this could be just the beginning of its upward journey!
Key Resistance and Breakout Signals
If ADA breaks above the recent high around $1.25, it could signal an upside breakout. The more significant signal will come with a break above the yellow wave 1 high at $1.32 or $1.33, but the analyst said that ADA is not quite there yet.
Near-Term Price Targets
If the third wave is unfolding, the price could hit the $1.42 level next. If the microstructure remains valid, we could see higher targets around $1.49 or $1.55.
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FAQs
- The price of ADA could surge to a maximum of $1 by the end of 2024.
