Cardano Price Forecast Today, How Will ADA Continue to Rise?

Cardano today held above critical support after a widespread pullback in the cryptocurrency market. The token’s smart contract saw a V-shaped recovery after bulls stepped in at the $0.3350 support area. ADA’s uptrend saw its momentum weakened by resistance at $0.4200 over the weekend. If its immediate support at $0.4000 holds, investors can expect Cardano to continue its search for the north, first to $0.50 and then to $1 in the coming weeks.

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Cardano Price Prediction Today: ADA Sends Buy Signal

The ninth-largest cryptocurrency is depicting a bullish short-term outlook that could build the foundation for a long-term positive trend. From the daily chart below, the Super Trend indicator has flashed a buy signal, attracting retail and sideline investors to join the market for a significant up move. Like moving averages, the Super Trend indicator overlays the chart while taking into account insights from the average true range (ATR) to gauge market volatility. A daily close below Cardano’s price flashes a buy signal, as seen on the daily chart below. ADA is likely to hold until the Super Trend indicator flips above it to send a sell signal.

The Moving Average Convergence Divergence (MACD) and Directional Movement Index (DMI) indicators also show a positive outlook. Traders can hold long positions if the MACD remains above the moving average line. The peak of the bullish outlook in ADA price is the 12-day Exponential Moving Average (EMA) (in blue), which is above the 26-day EMA (in red). A similar optimistic outlook can be seen in the DMI indicator, as reflected by the -DI line (in blue) crossing above the +DI. It is worth mentioning that Cardano bulls are ready to maintain the upward price movement – ​​guided by the V-shaped pattern. This pattern is extremely bullish and is formed after a prolonged downtrend. As the overhead pressure eases, buyers flock to the market, pushing the asset back to the level where the V-shaped pattern developed (see the chart below).

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What Could Cancel Cardano's Bullish Price Momentum Today?

Most ADA holders are in profit, according to Santiment’s Market Realized Value (MVRV) profit/loss model. This on-chain model tracks the profit/loss ratio of Cardano investors by taking the price at which the tokens last moved compared to their current market value. The chart below shows an MVRV ratio of 6.18, above 1. A reading above 1 implies that ADA is slightly overvalued. In other words, investors could sell at that price to take profits.

Since most ADA holders have already reached breakeven, overhead pressure may increase as they book profits. This could explain the 3.5% retracement on Monday. However, this is not a cause for alarm as the pullback allows sidelined investors to re-enter the market, increasing demand – ultimately pushing ADA prices higher. Cardano today will be updated daily and you can access it via the GIC Journal. Check out other news such as today's forex news, commodities, crypto, and economic news by accessing it on GIC. Use an ECN account to trade on GIC so you can trade with spreads starting from 0. Don't forget to also join the GIC Prize Festival and win prizes without a draw!