ADA price prediction is very important for investors to provide foresight. The Cardano rally, which is expected to be experienced before the end of 2023, depends on some support areas on the price forecast chart.
ADA price stabilized after a relatively bad August characterized by dips from highs around $0.31 to the main support at $0.25. The smart contracts token has remained in a range with an upper limit of $0.275 for the past three weeks. Notably, we can see that the Cardano live price is currently hovering in a narrower range channel with the same support.
ADA price prediction
Holding the support above $0.25 has helped ADA price stabilize for the past three weeks. There have been several attempts to weaken the wider range boundary, but on the face of it, the bulls lacked the momentum to continue the uptrend.
On the other hand, sideways trade in the narrower range shows that neither buyers nor sellers have the advantage. However, this stalemate can be resolved if traders heed the bullish call from the Moving Average Convergence Deviation (MACD) indicator and start booking their positions in Cardano ahead of the upcoming sell-off.
A buy signal emerges from the momentum indicator when the blue MACD line breaks above the signal line. But as you can imagine this is not enough, the indicator needs to move upwards towards the mean line (0.00) and positive territory.
Investors may not want to actively trade Cardano right now, especially as the volatile market continues. However, the breakout of the 50-day Exponential Moving Average (EMA) above $0.2584 and then the narrow gap line may present a few lucrative opportunities in the wider range.
It is also worth noting that new buy orders may start running above the 50-day EMA with a stop loss at $0.25 or slightly lower range support. On the upside, such a breakout will be accompanied by increased volume. Profit booking can start at the 100-day EMA, but some traders may want to wait until the ADA price reaches the upper range limit of $0.275.
The Relative Strength Index (RSI) on the daily chart seems to have risen to 40 after its journey into the oversold territory. So despite the weak market structure, the bulls are still affecting Cardano.
For ADA to sustain its uptrend, investors need to be willing to invest in the token, which will give momentum to the popular cryptocurrency… For now, the On-Balance Volume indicator shows that the fund inflow is equal to the outflow volume, thus canceling and raising the ADA price without sufficient liquidity. It shows you quit.
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