Cardano Price Prediction: A Repeat of October’s Pattern?

Cardano price has surged past the support zone at $2.1000; placing it within October’s range. According to CoinMarketCap, its trading volume is up by 68.19% over the past 24 hours. The altcoin, which is ranked 6th in the crypto market, will likely remain steady above the crucial support zone of $2.0000.

Cardano price prediction

ADA has extended it previous gains to trade steadily above the psychological level of 2.0000. In the past week, it had dropped below this zone to a low of 1.9392 before rebounding past it on Monday. Nonetheless, it remains below October’s range of between 2.1000 and 2.3000.  

At the time of writing, Cardano price was up by 5.12% at 2.1230. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages. Based on these technical indicators, the altcoin is in good shape to return to the aforementioned horizontal channel.

In the immediate term, it will likely find support at 2.1000 as the bulls eye the next target at 2.2000. However, to reach that goal, there needs to be enough momentum to push past the resistance at 2.1608.

On the lower side, a move below the support zone of 2.1000 will probably have it bounce off the 25-day EMA at 2.0352. In the short term, I expect Cardano price to remain above the psychological level of 2.0000.

Cardano price
Cardano price