Cardano Price Forecast: ADA Heading to Target $1.2198   

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  • CEO of Tesla and SpaceX, Elon Musk supports ADA/USD at $1.1335
  • Weaker U.S. dollar underpins support’s buying in Cardano
  • Cardano price forecast: The trade idea is to place a buy limit at 1.1336 to target 1.2198.

The ADA/USD successfully extended its previous session winning streak and hit the intra-day high above the $1.19 level. Investors gained confidence over the recovery in the crypto market. Cardano price forecast remains bullish as the pair has violated the downward channel. 

Cardano traded in a range of $1.037226 to $1.196679 in the previous twenty-four hours. At this particular time, the Cardano price is trading near $1.19 with a 24-hour trading volume of $1,976,596,691. Cardano is rose by 4.71% in the last twenty-four hours.

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CEO of Tesla and SpaceX, Elon Musk Supports ADA/USD at $1.1335

The bullish crypto market could be tied to the latest reports from the CEO of Tesla and SpaceX. Elon Musk suggesting that SpaceX holds Bitcoin & Tesla might start accepting BTC again. Elon Musk spoke about cryptocurrencies in-depth during The B Word interview, explaining that he has Bitcoin, Ether, and Dogecoin.

As per Musk, Tesla bought $1.5 billion worth of bitcoins in February, with the investment rising to $2.5 billion before the bear cycle started. Elon Musk never revealed that SpaceX also owned bitcoins until yesterday’s event.

In the meantime, Musk admitted that he is a big fan of Bitcoin despite his recent uncertainty towards proof of work concepts. In addition to this, Musk said that SpaceX is playing a leading role in Bitcoin’s future. Although, he didn’t define how the space company controls the future of the cryptocurrency market.

The bullish trend in BTC tends to underpin other cryptocurrencies, including the Cardano ADA coin. In that way, the ADA recorded the largest one-day percentage gain since May 31. In contrast to this, the bullish bias in the U.S. dollar failed to leave any negative impact on the ADA/USD coin pair, at least for now. 

Weaker Dollar Underpins Support’s Buying in Cardano 

At the USD front, the broad-based U.S. dollar managed to extend its positive performance. Investor fears of a slowdown in the global economic recovery from COVID-19 boosted safe-haven assets demand, including the U.S. dollar.

Cardano Price Forecast

ADA/USD 2-Hour Chart

Cardano Price Forecast – Technical Outlook: ADA Supported at $1.1336

Cardano’s price forecast is slightly bullish as the pair has crossed above a strong resistance level of 1.336. On the 4 hour chart, the ADA/USD has bounced off the support level of 1.1336 level that’s being extended by a double bottom level.  

ADA/USD is now closing series of neutral candles in between the narrow trading range of 1.2198 – 1.1336 levels. A bullish breakout of 1.2198 resistance can lead ADA/USD price towards the next resistance level of 1.2885 level. Alternatively, the violation of the 1.1336 level can extend the selling trend until the 1.0807 level.  

The ADA/USD price forecast remains slightly bullish because of the 50 periods EMA (Exponential Moving Average – Red Line).

The 50 EMA is supporting Cardano and extending support at the 1.1200 level. Consequently, the forex trading participants may look for placing a buy limit at 1.1336 to target 1.2198. All the best. 

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