Cardano Price Prediction: ADA Breaks Past Several Crucial Levels
Daily Cardano ADA Technical Analysis
- Cardano price has strong resistance at $1.35.
- The price volatility for ADA has increased.
For almost a week between April 28 and May 4, the Cardano price hovered between the $1.35 resistance barrier and the 20-day SMA. Finally, the buyers took control of the price on May 5 and shot it up to $1.60, at the time of writing.
Cardano Price Breaks Above Bollinger Band
The Cardano price jumped up from the 20-day SMA to break past the upper Bollinger Band. The Band is expanding, which shows that ADA volatility is on the rise. ADA may ride this bullish momentum and reach $1.75. However, do note that the relative strength index (RSI) is on the verge of entering the overbought zone, which could trigger a bearish correction.
Image: ADA/USD daily
Cardano price has strong support at $1.45. Previously, at this level, nearly ~30,500 addresses had purchased a little less than 400 million ADA tokens.
Coin Bureau: Cardano Price Prediction
Popular crypto investor "Guy" recently said that Cardano (ADA) and Ether (ETH) are set to reach new record highs. The pseudonymous host of Coin Bureau noted that Ethereum (ETH) is likely to move upwards based on Bitcoin's price action.
BTC is up nearly 3X from its previous all-time high. So it would not be surprising if ETH pulled a similar move in the next few months. This would bring ETH up to around $4,500 which is a realistic expectation for this bull run in my book.
Guy added that the proposed improvements to the Ethereum protocol, called EIP 1559, are likely to push the second-largest digital asset's price even higher once they take effect.
With the right catalyst in place, ETH could easily blow past $10,000.
Regarding ADA, Guy noted that the coin could double its price from its current all-time high based on the business partnerships it has formed in developing countries and the upcoming introduction of smart contracts.
If everything goes smoothly with the rollout of Cardano smart contracts in the summer, I could see ADA spiking to $3 and possibly higher if Cardano’s other partnerships work out.
Cardano Price Is Expected To Reach These Levels
The Cardano price will probably jump past the $1.50 psychological level before it gets overbought and faces bearish correction.