Home Cardano Price Prediction: ADA could retrace in the short-term before massive 20% breakout
Crypto News

Cardano Price Prediction: ADA could retrace in the short-term before massive 20% breakout

  • Cardano price broke out of a descending triangle pattern on the 1-hour chart.
  • A key indicator has just presented a sell signal in the same time frame.
  • Bulls aim for a long-term price target of $1.5.

Cardano has been trading sideways since its high of $1.48 established on February 27. The digital asset just had a significant breakout from an important pattern and aims for a high of $1.5 in the long-term.

Cardano price needs to hold key support level

Cardano formed a descending triangle pattern on the 1-hour chart from which it broke bullishly. The digital asset has not seen a lot of bullish continuation just yet and the TD Sequential indicator has just presented a sell signal which can push Cardano down to the previous resistance trendline at $1.21.

ada price

ADA/USD 1-hour chart

However, as long as the bulls can defend the key support level at $1.21, the long-term price target of $1.5 will remain intact. In order to invalidate the sell signal, Cardano needs to climb above the previous high of $1.266. 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.