Cardano (ADA) Price Prediction and Overview for this week

Cardano recovered earlier this week, but the price has now hit a key resistance.

Key support levels: $0.31

Key resistance levels: $0.37

1. Resistance stops the rally

Since September 7, the price entered a rally that saw the price quickly move from the 31 cent support to the key resistance at 37 cents. Once the price of Cardano approached the key resistance, the sellers came back and managed to turn the price action into a corrective move.

TradingView Chart 2. Short-term momentum is bearish

On lower timeframes such as 12h 4h, momentum has turned bearish over the past two days. However, this may not last and see the price rally back around 34 cents to make another attempt to break the key resistance.

TradingView Chart 3. Buyers still dominate weekly

If we change the time frame on the weekly chart, we can see that the buying volume is still strong. Buyers dominated the last four out of five weeks. Despite this setback, momentum could again favor the bulls later. To get confirmation, the price must exceed 37 cents.

TradingView Chart SPECIAL OFFER (Sponsored) Binance Free $600 (Excludes CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!