Cardano (ADA) Price Prediction (Nov 29th): Bulls Target $1.247

Published by

Sohrab Khawas

November 29, 2024

Inching closer to the $97,000 mark, the bullish trend in Bitcoin is driving the altcoin rally. Amid the re-found bullish momentum, the Cardano price has reclaimed the $1 psychological mark and has surged nearly 10% over the past 24 hours.

Will this bullish trend result in an extended 16% rally in Cardano today? Let’s find out in our latest Cardano ADA price prediction.

Cardano Price Analysis

In the 4-hour chart, the Cardano price trend showcases an inverted head-and-shoulder breakout rally, with the price surge of 2.29% in the last four hours. The Cardano price trend is sustaining its dominance above its $1.01 psychological mark.

Despite the short-term increased volatility, the ADA price trend has surpassed the neckline at $1.048. Currently, it is trading at $1.070. This marks the fourth consecutive bullish candle over the past 20 hours.

The bullish recovery run is heading towards the 1.104 immediate resistance levels.

Technical Indicators:

EMA: The long-coming uptrend in the crucial EMA lines in the 4-hour chart reflects the bullish dominance.

RSI: The 4-hour RSI line is inching closer towards the overbought boundary line and supports the breakout rally. The ongoing recovery is projecting a new 52-week high in the next four hours.

Will Cardano Hit $1.247?

Based on the Fibonacci levels, the breakout of the 100% Fibonacci level at $1.105 will put the 1.272 and 1.618 Fibonacci levels as the next price targets. These levels are at $1.168 and $1.247. Hence, in the next 24 hours, the Cardano price trend showcases an upside potential of 16%.

On the flip side, in case of a bearish turnaround, the altcoin could retest the local rising support trend line near $0.989. Hence, the downside risk at the current market price remains 7.80%.

Will Cardano reach $10? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates.

FAQs

What is the current price of Cardano (ADA)?

Cardano is trading at $1.070, following a 10% surge in the last 24 hours.

Can ADA hit $1.247 today?

ADA shows a 16% upside potential, and breaking $1.105 could pave the way to $1.247.

What is the downside risk for ADA?

ADA faces a 7.8% downside risk, potentially retesting $0.989 in case of a bearish turnaround.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.