- Cardano price prediction expects a fall of $0.10.
- Cardano price sees strong resistance at the $0.1109 mark.
- A bounce can push ADA price towards $0.141
The Cardano price prediction by Vince Prince shows that the cryptocurrency will fall towards the $0.10 region next. The price moved past the $0.112 level by the start of the 7th of November. Given that the Bitcoin price is now seeing a correction altcoin market is suffering as well.
1-Day Cardano price analysis
The cryptocurrency was priced at $0.1109 US Dollars at the time of writing on Bitfinex. The cryptocurrency observed an ascending slope on the charts for the 6th and the 7th of November. The price rose to a day’s high of $0.1135.
Cardano price prediction: What’s next?
The inverse head and shoulders pattern can be seen on the chart below. This has formed in a similar way to that formed by the XRP price. The analyst believes that the price will hit the $0.1151 mark, after which it should see a pullback.
The right shoulder of the inverse H&S pattern completed the formation on the 5th of November, and the cryptocurrency observed an abrupt rise across $0.11. Once the $0.115 mark is tested, the analyst expects a rejection as the neckline appears to be a strong ascending resistance level.
The price is expected to fall towards the $0.1 level, which is where the Exponential Moving Average will come in as the support and the price will see a bounce off towards the trend line again. A bounce here will cause the cryptocurrency to gain enough bullish momentum to break above the trendline and rise to the $0.141 target price.
What to expect from Cardano?
The ascending channel on the chart below shows that the price should rise towards the $0.123 mark as it has broken above the midline of the up-channel.
The analyst believes that this is an Elliot wave forming in the up-channel, and an ABC wave pattern is expected to form. The eventual target price for the cryptocurrency is expected at the $0.127 level.
In another analysis by the same crypto analyst, the cryptocurrency is shown to trade inside an up-channel, and the price is expected to rise towards the $0.124 mark, which will then be followed by a downtrend.
The descent is expected to lead the cryptocurrency below the midline, and then towards the lower boundary of the up-channel. Once the price falls to the lower boundary, a break out towards the downside is expected which will lead the price to $0.05. This is a trade setup for a price correction, and the analyst also believes that this correction may form an inverse H&S pattern which will then cause the price to see another ascension.
Cardano to hit the dollar?
The Trading View analyst Miner XYZ believes that the price will rise towards the $1 mark. The analyst used the 1w time frame for this trade analysis.
The trade volume for the ADAUSD trading pair has been seen to decrease over the past few days, but the movement of the technical indicators that have been employed in the chart above shows that the cryptocurrency will see an uptrend in the long-term trade.