{"id":439883,"date":"2023-09-16T23:01:15","date_gmt":"2023-09-16T23:01:15","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=439883"},"modified":"2023-09-16T23:01:15","modified_gmt":"2023-09-16T23:01:15","slug":"cardano-price-prediction-is-ada-poised-to-climb-5-higher","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/cardano-price-prediction-is-ada-poised-to-climb-5-higher","title":{"rendered":"Cardano Price Prediction: Is ADA Poised to Climb 5% Higher?"},"content":{"rendered":"

Cardano (ADA<\/a>) price has seen a modest 0.40% uptick today, September 16. However, it appears to be grappling with uncertainty as it struggles to establish a clear direction.<\/p>\n

Yesterday’s dip of 0.70% marked the end of a bullish trend that had persisted for the past three days. This resulted in an overall 4% gain during that period. Today’s subdued market movement reflects the indecision surrounding the Cardano price momentum.<\/p>\n

\"Cardano<\/a>
TradingView: ADA\/USD 1-day chart<\/a><\/figcaption><\/figure>\n

In the daily chart of ADA\/USD shown above, Cardano’s price appears to follow a bearish trend. However, there are indications that it may be on the verge of a 5% increase in the coming days, potentially reaching the $0.266 level. This optimism is drawn from the positive signal generated by the Awesome Oscillator (AO). The Stochastic Oscillator also signals upward momentum, reinforcing the bullish outlook.<\/p>\n

A decisive break above the $0.266 level could further bolster the cryptocurrency’s potential to reach $0.300. This is a highly significant resistance level, considering it held Cardano’s price afloat for multiple months. Moreover, it is a psychological level that has acted as pivotal support and resistance several times.<\/p>\n

Meanwhile, the Simple Moving Averages (SMAs) provide an alternate perspective, with the 200 SMA positioned above the 100 and 50 SMA. This configuration suggests that prices could continue to decline unless the 50-SMA (yellow line) crosses above the 100-SMA (brown line) from below.<\/p>\n

However, should prices fail to exhibit positive momentum and encounter selling pressure, they may find initial support at $0.238. A breach and close below this level could push Cardano’s price to around $0.213. Such a move would represent a decline of approximately 14% from the current price.<\/p>\n

It is worth mentioning that ADA’s market capitalization has experienced a slight 0.24% decline today. Nevertheless, there is an 18% increase in the 24-hour trading volume, now at $128,539,582.<\/p>\n

Look at another cryptocurrency offering better and clearer growth signals, Wall Street Memes<\/a>. The token will soon be available on top exchanges, so hurry and buy WSM<\/a> at current discounted rates.<\/p>\n