Price Analysis

Cardano Short-Term Targets Mapped, Price May Hit $0.6 this Weekend!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 9, 2022

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Cardano‘s price displayed an extreme bullish momentum as the asset nullified the bearish impact to surge high. The asset had previously attempted to break through the upper resistance but failed eventually, displaying a fakeout. With the breakout, it was believed that the ADA price might drop below $0.45, but the bulls persevered and dragged the price out of the bearish formation. 

After being rejected just below $0.5, the ADA price is undergoing a parabolic recovery back towards these levels. The asset consolidated around $0.46 for some time and surged more than 4% to hit $0.48 again. Woefully, it is experiencing a pullback presently at $0.48, which is expected to drag the price close to $0.47 before the end of the day’s trade. 

Despite the price appearing bearish, the probability of the ADA price achieving $0.6 appears pretty high. 

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  • The ADA price is trading within an ascending channel and has already tested and cleared the 200-day MA levels 
  • The price, as mentioned before, is experiencing a minor pullback that may drag it below the middle bands for a while, followed by a significant recovery
  • The recovery may uplift the price beyond $0.5 levels, gaining more than 6% in the next 24 to 48 hours
  • In an extended bullish case, the ADA price is expected to break out of the channel and surge high to hit the upper resistance at $0.52, aiming to maintain an upswing to achieve $0.6

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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