TL;DR Breakdown

• ADA price prediction shows ADA has settled above the right-angled triangle of an ascending triangle pattern, suggesting buyers are back.
• Cardano needs a critical close above the $1.47 mark to have an opportunity of recording a 40 percent price increment.
• According to transactional data, Cardano is sending signals of a comeback to the lack of resistance barriers.

Without a doubt, ADA has been so far one of the best performing crypto assets in the market, with its price activity pushing it to bypass fellow crypto coins such as Litecoin, LINK, and Bitcoin Cash on the CoinMarketCap’s platform. The month of March was specifically profitable for the altcoin, with the crypto asset skyrocketing to hit a new ATH on the charts.

At the time of writing, ADA price shows promising signs of slicing through a critical demand barrier, fueling debate of a bullish outlook.

ADA Price Prediction: General price overview

According to today’s charts, Cardano has been recording a little bit of stagnancy and consolidation. The crypto asset is continuing to exchange hands within the same range for almost seven days now.

Cardano’s price activity has been well in line with the forecasts done a few weeks ago. While the altcoin has managed to record recently brief spurts of price appreciation, the crypto asset appears to have been missing ground to sustain a significant price surge. Interestingly, according to several technical indicators, ADA remains one of the most promising crypto assets in regards to bullish outlooks. For instance, the Relative Strength Index (RSI) is showing signs of leaning towards the market bulls, while the Parabolic SAR technical indicator shows it is well below the price candle.

The recent news of Orion Protocol partnering with Cardano’s network is believed it will have positive price impacts for the crypto assets in the coming days or weeks.

ADA price movement in the past 24 hours

Cardano’s 24-hour chart indicates that the crypto coin is currently experiencing a heavy attendance of belligerent buyers. At present, these buyers have managed to record higher lows. This trend has seen sellers resting around the $1.47 resistance region, absorbing the bullish trend to form a series of highs in this zone. It is also worth noting that an ascending triangle pattern appears to be forming whenever the swing highs and lows meet using the trend lines. According to Cardano’s past price movements, the current technical pattern formation is an extension pattern that has an inbuilt bullish narrative. This suggests ADA holders should be on the lookout for a price surge soon.

ADA 4-hour chart

According to ADA’s 4-hour chart, if Cardano manages to record a critical close above the $1.47 breakout region, it will automatically trigger a 40 percent price surge. This is known by measuring the distance between the axis low and high at the ascending triangle’s broadest section. A price target of $2.16 is projected when we add the distance to the breakout tip.

At present, Cardano shows solid signs of bouncing from the hypotenuse, suggesting a price surge towards the $1.49 mark. However, according to the Momentum Reversal Indicator (MRI), the existence of a State Trend Resistance at the $1.34 region spells a barrier to any price upsurge movements. Therefore, it will be prudent for ADA holders to push their favorite altcoin past this region to have any real chances of realizing a bullish surge.

Conclusion

While the positive price movement might appear sure, ADA holders should keep in mind that if ADA fails to settle above the hypotenuse or rejection levels of $1.31, $1.345, and $1.482, the bullish outlook will be lost. In such an event, ADA is likely to see a reversal of any gains made.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://www.cryptopolitan.com/ada-price-prediction-2021-04-03/