Although the Cardano price has been moving rather unpredictably of late, the tendency does seem to be a bullish one. ADA was another crypto that lost over 50% of its value in the great late May and June 21 crashes but has now settled somewhat above the $1.49 mark with the $1.50 level well within immediate reach.
The Cardano price reached a high of $2.38 on May 10 only to crash down to a low of $1.12 on June 23. This represents a 90% correction from the high levels reached in early May. It has been accumulating steadily from that crash with the price once again rising to the $1.47 level on 24 June and falling again to $1.33 on July 5. A 15% rise puts ADA at the $1.49 level at present.
Short Term Forecast For Cardano Price: Minor pullback before Rise?
Currently, the Cardano price is trading in the $1.40 to $1.49 range and has briefly scraped the $1.50 level. However, ADA is currently an impressive 47% up from its June 22 low although there have been pullbacks along the way. The bullish thesis seems to indicate that ADA is expected to break through the $1.50 level and then test the next resistance level at $1.61. However, there could be pullbacks to the $1.35 correction zone as well as further drops between the range of $1.29 and $1.32 before the next real pump begins.
Cardano is still considerably down from the June 10 high of $1.80 but this descent has enabled prospective buyers to accumulate ADA at a substantial discount. Buying pressure could see the price sail above the $1.51 level and test the $1.61 resistance line. If that is achieved, this would mean a 22% upswing from the low of $1.31, a considerable move forward.
The next possible target for the bulls would be the $1.65 level which would signify a significant rise of around 25%. As always however there is the alternative bearish thesis that might invalidate this scenario. If the expected ADA pullback would breach the $1.36 level then the price could descend to the $1.25 level with both $1.29 and $1.32 being breached. Potential rise in selling pressure would then result in a lower low that would have a bleak effect on the Cardano bulls. A descent to the $1.19 level could also occur. However, overall, the market seems quite bullish so this scenario would not appear to be very likely.
Long Term Outlook For ADA: Bullish Scenario But Minor Pullbacks Likely
The Cardano price is expected to continue slowly charging forward albeit in a measured fashion. The next logical step would be the $1.65 level to indicate that a positive turnaround is imminent. If this is easily overcome then a theoretical rally to the $1.90-$2.00 mark could also be achieved.
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Gerald Fenech
