Cardano Price Prediction as $200 Million Trading Volume Comes In – Where is ADA Headed Now?
Cardano price is gasping for air as bulls work around the clock to stay buoyant. The smart contracts token kicked off the year negatively, with declines below $0.30 extending to $0.24. However, ADA has climbed in the last few days and reached a weekly high of $0.27.
A retracement is ongoing at the time of writing, with Cardano price trading at $0.2645. ADA's trading volume in the last 24 hours spiked above $200 million, boasting $9.3 billion in market capitalization. If recovery exceeds $0.30, ADA might displace Dogecoin (DOGE) and become the eighth-largest cryptocurrency.
Traders who bought ADA as it bounced off support at $0.24 are booking profits and adding pressure on resistance at $0.27. Nevertheless, pullbacks are normal even as the price moves to the upside.
Investors could see the retracement as an opportunity to buy more ADA at a lower price level ahead of another 11.7% move due to the formation of an inverted head-and-shoulders (H & S) pattern.
An inverted H&S pattern is bullish, and its appearance suggests the trend is about to change its course to the upside. A break above the neckline resistance reinforces the pattern's validity. In the case of Cardano, the price has already validated the H&S for an 11.7% move to $0.29.
As ADA price falls back from the hurdle at $0.27, bullish traders wait for a rebound from the neckline. This critical support in confluence with the 100-day Exponential Moving Average (EMA) (in blue) at $0.26. Realize that the breakout target equals the length of the H&S pattern extrapolated above the breakout point.
Traders looking for long positions in Cardano may consider booking profits at the 200-day EMA (in purple) and $0.29, respectively. However, extremely bullish investors may wait until
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