- Cardano price has moved in a 50% trading range since the February high.
- ADA searching for a second wind as broader crypto market explodes higher.
- IOMAP data reveals tremendous support down to the middle of the trading range.
Cardano price has shaped a bullish cup-with-handle base that projects a notable rally moving forward. Speculators should consider the recent Polygon (MATIC) rally as proof of the potential for long trading ranges.
Cardano price frustrates the short-sighted
For over a month, between March and April, Polygon (MATIC) transacted in a 55-60% trading range before releasing a powerful 100% rally over five days. MATIC was one of the first cryptocurrencies to achieve an all-time high following the April correction.
Fast forward to today, and there is a similar situation unfolding in ADA. It has been in a 50% trading range for two months with few hints of a pending breakout to the upside. However, from April 14 until today, Cardano price has shaped a cup-with-handle base on the intra-day chart that is beginning to display signs of a breakout.
It is important to note that the 2018 high at $1.397 has heavily influenced the upper section of the ADA trading range. In fact, the handle closely aligns with the 2018 high.
The trading range measured move is 50%, projecting a rally high of $2.238. The cup-with-handle measured move is 55%, forecasting a rally high of $2.275. Both targets are preceded by the 161.8% Fibonacci extension of the April correction.
Hence, the resistance levels begin with the April 13 high at $1.559 and move on to the 138.2% extension of the April correction at $1.915, the 161.8% extension at $2.175 and the measured move targets of $2.238 and $2.275.
If Cardano price is inspired by the Polygon precedent of a quick 100% gain, aggressive ADA speculators should cast their sights on $2.968.
ADA/USD 12-hour chart
Of course, Cardano price could fail once again and revert lower. The first important support is the combination of the 10-week simple moving average at $1.217 with the midline of the trading range at $1.211. Any measurable weakness below those levels will not meet any support until the psychologically important $1.00.
To advance the bullish outlook, the IntoTheBlock In/Out of the Money Around Price (IOMAP) data highlights tremendous support (in the money addresses) from $1.21 to $1.38. The breadth of the support indicates that it will be challenging to overpower Cardano price until at least the midline of the trading range.
ADA IOMAP data
Due to the closeness to the high, ADA has almost no resistance (out of the money addresses) standing in front of a new all-time high.
Opportunities reveal themselves in different ways, and ADA has offered some clues to suggest that it may be ready for a significant rally.
Cardano Price Predicted to Hit $15, While ADA Price Is Still Under Bearish Pressure
The overall cryptocurrency market traded with mixed results over the last 24 hours. The Flagship currency, Bitcoin breached its 60K mark. On the other hand, Ethereum managed to also regain its uptrend and show another bullrun. However, cardano Price Seems to be still dead !
ADA Price Action
The ADA/USD currency pair is presently trading at $2.1, down roughly 13% on the week after a strong increase of around recently. Given that the upside was rejected yesterday after a brief jump above $2.30, Cardano price research shows that this rejection will result in a negative trend.
For weeks, the price of Cardano has been in a downward trend. However, there was a higher low at the end of September, indicating that bullish momentum was growing.
Following that, the market rebounded upward on October 1st, driving ADA/USD to a new low of $2.30. This price activity implies that the market is trading in a tighter range now.
ADA consolidated after a fall to $2.15, when another higher low was made. A technical bullish signal was triggered by yesterday’s rise above the previous high of $2.30, signaling that market momentum has turned positive once more.
Cardano Price to hit $15-$20 by year-end?
The most parabolic action is at the end of the cycle. I do believe we can see #Cardano $ADA between $15 – 20 at the very end. I believe it is possible.#ADAGang what can I say? 🤷 pic.twitter.com/JWKjqanoUc— Ben Armstrong (@Bitboy_Crypto) October 9, 2021
Popular crypto Youtuber Ben Armstrong in his recent Youtube session discussed a bullish scenario for ADA. In a tweet that followed he says, he believes ADA will definitely hit the $15-20 range at the end of this bull cycle.
Ravendex, A Cardano-Based Project, Releases its DEX Demo, to start with Tokens Sales soon
Ravendex, a new Cardano project has made a demo version of its first decentralized exchange, having features like Swap Pools, Light & Dark Mode.
While the company continues to make rapid progress after the private token sale started, which has 100 million $RAVE tokens available for the investors, while 82 million $RAVE tokens are already said to be sold out.
Ravendex team is committed to launching a working DEX on the cardano ecosystem before the year ends.
The project will be launched and maintained using funds raised from the sale of $Rave tokens to early investors.
Features Of Ravendex
Ravendex will also have A Staking Platform and also a decentralized lending and borrowing platform, which sets it apart from other Cardano network projects as they are one of the very few projects on the third generation blockchain with the idea conception.
Investors & Liquidity providers can give liquidity to tokens and in return, they will make profit from transaction fees. Alternatively, users can stake their assets on the staking platform and earn a commission and percentage from borrowers’ fees.
According to the Ravendex team, their decentralized exchange will include wallet connect features, Asset Price display and transaction list features.
They will also keep their payment fees low and secure. As a matter of fact, Ravendex aspires to be the Cardano network’s primary financial hub.
Ravendex reveals that the total number of $RAVE coins will be limited to one billion.
Investors will be able to stake, provide liquidity, or vote with their tokens on the Cardano network.
The Private Sale Phase is almost filled as the company has already reached 82 percent of its goal of selling 100 million tokens by the end of its first private sale and the pricing places it at 0.00225 ADA per $RAVE token.
The Cardano-based project, on the other hand, intends to hold a total of five sales which can be seen in the sale stages page.
Ravendex, like many other cryptocurrency projects, plans to open its sale to the general public later this year.
200,000,000 $RAVE tokens will be available in the pre-sale phase at a price a little more expensive than the private sale at 0.0027 ADA per coin.
Those who missed out on the first public sale will have another opportunity to purchase $RAVE tokens for 0.0032 ADA each. A total of 100 million tokens will be sold during this stage.
This Medium link provides more information about the Ravendex
Ravendex is a Cardano-based crypto project that aims to create a decentralized exchange.
Its purpose is to provide a platform that has incredibly minimal fees and allows for quick cross-border transactions.
More importantly, it aspires to include features that will be useful to Cardano supporters. Also, we also look forward to creating a community of active investors who may vote on issues. They can also lend coins or provide liquidity to create a fully functional decentralized exchange.
Cardano Price Prediction: ADA ready to explode to $4
- Cardano price returns to bullish conditions, denying further sell-side control
- An imminent breakout towards new all-time highs is likely.
- Little resistance ahead, but bulls should remain wary.
Cardano price has failed to capitalize on the movement generated by its closest peers, Bitcoin and Ethereum. As a result, very tight and challenging trading ranges have been the norm for Cardano, but that may change here soon.
Cardano price targets a breakout above $2.45
Cardano price has a very bullish set up on its $0.05/3-box reversal Point and Figure chart. If a new column of Xs forms and hits the $2.45 entry, three things happen simultaneously. First, a double-top is broken, confirming an entry signal. Second, the entry confirms a complete Bear Trap Point and Figure pattern. Finally, the entry at $2.45 is a breakout above the dominant bear market angle.
The breakout could be the very beginning of a new bullish expansion phase for Cardano price. The initial target on the breakout is based on the horizontal profit target method in Point and Figure analysis. $4.05 is the initial range and would be a new all-time high.
However, the current trading conditions still have a significant bearish weight. Therefore, Cardano price must remain above the $2.05 value area. If it fails to hold $2.05 as support, a return to the $1.80 trading range is likely.
ADA/USD $0.05/3-box Point and Figure Chart
Bulls should also be aware of some resistance on any breakout near the prior swing high and high volume node at $2.80. While the momentum of the breakout may make any near-term resistance moot, $2.80 has been a consistent source of trouble for Cardano, and it would certainly be odd for it not to provide some resistance in the future.