- ADA price to rise towards $0.173 per analyst
- Cryptocurrency recently broke above multiple patterns
- Altcoin formed a continuously ascending slope
The Cardano price prediction by Trentons Coleman suggests that the cryptocurrency will continue rising towards the $0.173 level. The cryptocurrency observed a continuous uptrend over the day’s trade.
1-Day Cardano price analysis
Cardano was priced at $0.15177 US Dollars at the time of writing. Over the day’s trade, the cryptocurrency reached a day’s high of $0.15319. The lowest price for ADA during this day was $0.1164. The overall trade for the day was quite bullish as the cryptocurrency crossed the $0.15 level on the evening of the 22nd of November.
Cardano price prediction: Rise to the $0.173 mark?
We can observe that the ADAUSD pair has formed an ascending triangle on the chart below and the coin has also broken upwards. Per the analyst, the cryptocurrency has entered a long-term trade and it will rise upwards from here.
The cryptocurrency has also formed an up-channel inside of the ascending pattern and the cryptocurrency has moved above both of the patterns on the 21st of November. The top of the triangle is placed below the $0.124 mark, and the cryptocurrency was able to test the $0.1346 resistance over the daily trade. If the price keeps above the upper resistance of the triangle, the cryptocurrency will continue the uptrend and test the higher resistances.
What to expect from ADA?
The Trading View analyst Ivan Labrie believes that the ADA price will either move above a rising trend line and reach past the $0.4 mark, or the cryptocurrency will stay below the rising resistance and gradually trend above $0.2.
Looking at the technical indicators shown on the chart above, we can notice that ADA should see bulls ahead. The price has already risen above the entry-level for this trade, and now a breakout towards the upside or a price rejection towards the downside from the rising trend line will determine the trade.
ADA is currently under an active uptrend just like many other altcoins are, and the upside move is significant for the cryptocurrency. The analyst suggests traders to figure out their maximum loss for whatever trade route they decide to take for this setup.
What’s next for Cardano?
While observing the trade setup shown below, we can note that the alt has been trading inside a very long broadening wedge pattern, and the cryptocurrency is supported by the 200-Day Moving Average.
Per the analyst’s idea, the cryptocurrency’s price will see a bullish search from here and the cryptocurrency will break upwards from the broadening wedge pattern. The Relative Strength Index (RSI) shows an overbought instance for the altcoin on the charts with a closing value above 75. The trade volume for Cardano has also increased by a lot. The target price for this long-term trade lies above the $7 mark, with resistances at $0.404 and $1.361.
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.