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Cardano Price Prediction: ADA is poised for a 20% increase
Cardano’s price is teetering on a critical support level of $1.20, indicating a positive surge ahead.
An increase in buying pressure might result in a 15% rise in ADA.
The bullish premise will be invalidated if the nine-hour candlestick closes below $1.14.
Cardano’s price is clinging to a critical support level that has been tested several times in the past, most recently on January 5. This hurdle is critical, because it will define ADA’s future course of action.
Cardano’s price is aiming for a higher high
Cardano’s price originally reached a swing low of $1.20 on December 3, 2021, and has since returned to there several times. From December 3 to December 20, ADA formed a bullish reversal pattern, resulting in a 32% upswing the following week.
However, the subsequent sell-off has pushed Cardano’s price back to retest the mentioned level. A bounce from here will almost certainly kick-start another leg-up. The $1.38 barrier will be the first stumbling block in ADA’s path to $1.45.
A rally of this magnitude would represent a 21 percent increase from $1.20. Market investors could take a long position at the retest of $1.20 and book profits between $1.38 and $1.45
