With the week going strongly bullish for Cardano, the ADA price marks an impressive rise of 10.79% and teases a bull run beyond $0.70. Further, the daily chart showcases a potential rounding bottom that increases the likelihood of buyers prolonging the uptrend.
With the improving sentiments around the New Year’s rally and the altcoin season knocking at the door, Cardano teases a solid trend reversal. Therefore, with the increasing possibility of a $0.70 breakout, the Cardano price predictions maintain an optimistic viewpoint.
ADA Price Weekly Chart Turns On The Bullish Mode
Source – Tradingview
In the weekly chart, the ADA price shows a growing number of bullish candles and accounts for 163% within 12 weeks. The bounce back from the crucial support at $0.25, Cardano price approaches the 38.20% Fibonacci retracement level at $0.70.
With the recent breakout of the $0.60 supply zone and a retest with the Doji candle, the altcoin is on a post-retest run. Further, the weekly bullish candle in the making undermines the higher price rejection in the past two candles.
Source: Tradingview
Further, in the daily chart, the growing bullish momentum teases a rounding reversal with a neckline at $0.687. The neckline coincides with the trend-based Fibonacci level of 38.20% and teases a breakout trend.
Currently trading at $0.648, the ADA price shows an intraday growth of 2.21% while taking resistance from the neckline. However, the daily candle shows higher price rejection and warns of a bullish failure.
If the bullish trend in Cardano sustains and the ADA price exceeds the $0.70 mark, then a breakout rally to $1 is possible. However, a slide under $0.60 is possible if the reversal trend gains momentum after facing rejection from the $0.70 mark.
Technical indicators:
EMA: The 50 and 200 EMA in the weekly chart marks a positive turnaround with the ongoing recovery in ADA price. This increases the possibility of a golden crossover, which will certify trend reversal in a more prominent timeframe.
MACD: The daily MACD and signal lines prepare for a bullish crossover with the recent bounceback in Cardano. Further, the declining phase of negative histograms supports the possibility of a crossover in the MACD indicator. In case of a crossover, the MACD indicator will support the trend reversal possibility.
