Price Analysis for Cardano, Expected Rise in Price with Respect to 50-Day SMA
The performance from TradingView surrounding Cardano (ADA) shows that its price has made a sharp recovery on the 2nd of December. However, the price of ADA wasn’t able to go beyond the $1.72 per ADA figure. The graph shows that the particular figure was observed on the 20-day EMA.
The ADA price hit the wall as the bulls were unable to fight off the resistance that was faced at a price of $1.72 per ADA. The data shows that the bears demonstrated strong resistance towards the particular price. The efforts of the bears managed to overpower the bulls and they managed to bring it to a halt by selling ADA in masses.
This is the reason why the investments from bulls were unable to cross the fence that was set at 20-day EMA.
The performance chart for ADA shows that the bears will continue with their selling spree. The analysts have predicted that in the upcoming days, the bears will make the attempt of selling ADA even more. They will continue doing it until the price of ADA comes all the way down to $1.50 per ADA to $1.41 per ADA.
The range of $1.50 – $1.41 per ADA, is considered as the strong support zone for ADA. At this point, the bears may have to uplift their efforts into bringing the price of ADA below the strong support zone.
In the event the bears do manage to bring the price of ADA below the strong support zone, the selling for ADA will surge. This means that the selling for ADA will be accelerated and its price may fall even further below the strong support zone.
Once that happens, the bears will go on yet another selling spree for ADA. It would result in dropping the price of ADA close to the $1 per ADA figure.
However, this is not the only prediction that the analysts have made or the forecast from TradingView shows. The data suggests that the price of ADA may also experience an upward trend.
The bullish prediction on the other hand suggests that if the price of ADA makes it through the strong support zone, its price will continue rising. The prediction suggests that the bulls will start purchasing ADA on a smaller scale.
If the buying power for ADA continues well above the strong support zone, it is expected ADA’s price will cross the 20-day EMA figure. If the price for ADA continues to grow higher, then ADA will get ready for another surge.
The data predicts that if the price continues gaining a rally over the 20-day EMA, ADA’s price may head towards the $1.94 per ADA price. The particular price is the 50-day SMA that has been predicted by the analysts.
