The price of Bitcoin is finding buyers at a promising level of $37,800 at the time of writing, and it could break $38,000 today. Despite profit-taking, the fact that the price is lingering above $37,600 is promising. Of course, this breakout could also open the door to the expected parabolic rises for altcoins. Especially Cardano (ADA), which is among the largest, is now giving signals of a comeback.
Since the beginning of 2023, the ADA Coin price has been trading in a sideways range. Although it gave a massive drop signal by losing a critical level in June, the long lower wick indicates that buyers have stepped in. After the low bottom in October, the altcoin, which gained momentum in its rise, reached $0.41 last week. This is just below the 2023 peak of $0.46.
The RSI supports the upward movement. Among the analysts, those who are very optimistic stand out. For example, crypto commentator known as Crypto Merlin tries to predict future price movements using data from the previous cycle. As a result, he makes ambitious statements, suggesting that a double-digit price is possible.
CryptoBusy, on the other hand, says that the price will follow its path depending on the strong resistance at $0.40.
“Cardano is facing a major resistance level! This price level has been moving between support and resistance zones for over 2000 days. And the fact that ADA’s price is not currently rising is just one of the technical reasons. If the price breaks this resistance, we can see a big upward movement! Just be prepared!”
The good news is that while this article is still being written, BTC has surpassed the $38,000 resistance. This suggests that ADA Coin’s price can overcome the mentioned resistance (if BTC continues like this).
ADA Coin Price Predictions
Weekly chart readings are uncertain, but the daily chart gives a bullish signal. This is quite normal since we are just starting to feel the positive results of the Binance event. ADA has cleared the horizontal resistance areas at $0.30 and $0.35 during the rise and is creating an RSI bullish divergence.
Therefore, it seems likely that ADA’s price will move towards the next nearest resistance, $0.45. However, in case of closings below $0.35, a quick selling period down to $0.3 could occur.