ADA price prediction is very important for investors to provide predictions. The Cardano rally, which is expected to occur before the end of 2023, depends on some support areas on the price prediction chart.
ADA price has stabilized after a relatively bad August characterized by declines from highs around $0.31 to the main support at $0.25. The smart contracts token has remained within a range with an upper limit of $0.275 for the past three weeks. In particular, we can see that the Cardano live price is currently trading in a narrower range channel with the same support.
ADA price prediction
Holding support above $0.25 has helped the ADA price stabilize over the past three weeks. There were several attempts to weaken the wider range boundary, but looking at it, the bulls lacked the momentum to continue the uptrend.
On the other hand, sideways trading in a narrower range shows that neither buyers nor sellers have the upper hand. However, this stalemate could be resolved if investors heed the bullish call from the Moving Average Convergence Divergence (MACD) indicator and start booking positions in Cardano ahead of the upcoming sell-off.
A buy signal emerges from the momentum indicator when the blue MACD line crosses above the signal line. But as you can imagine, this is not enough, the indicator must move upwards towards the average line (0.00) and the positive zone.
Investors may not want to actively trade Cardano at this time, especially as the volatile market continues. However, a breakout of the 50-day Exponential Moving Average (EMA) above $0.2584 and then the narrow range limit could present several profitable opportunities in the wider range.
It is also worth noting that new buy orders may begin to be issued above the 50-day EMA with a stop loss at range support at $0.25 or slightly lower. On the upside, such a breakout would be accompanied by increased volume. Profit booking can begin at the 100-day EMA, but some traders may want to wait until the ADA price reaches the upper range limit at $0.275.
The Relative Strength Index (RSI) on the daily chart appears to have risen to 40 following its journey into the oversold territory. So, despite the weak market structure, bulls are still influencing Cardano.
In order for ADA to continue its uptrend, investors must be willing to deposit money into 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 pushing the ADA price without sufficient liquidity. It shows that he left it.
