Analysis published Melika Trader (a pseudonymous analyst) has made a forecast on TradingView for Cardano. The crypto analyst highlighted a scenario of long-term growth with a $1.8 price target. Melika uses chart patterns to provide both a shorter-term and a longer-term view of ADA’s future price.
Long-Term Cardano Price Outlook
Melika identifies a major support zone in the range of $0.30-$0.35. This range has historically shown strong buying interest, characterized by an engulfing candle pattern and previously established supply and demand (S&D) zones. Cardano is consistently supported by the market on this basis.
Analysts point out that ADA appears to be forming a bullish reversal. bottom This support zone is located within. “The price seems to form a bottom after engulfing the support region, hinting at a potential bullish reversal,” Melika states.
Melika’s long-term target is between $1.20 & $1.80. The target is not random, but based on past price peaks. It is therefore a major hurdle to future price movement. If ADA’s support base is maintained, a path towards these higher resistance levels could be seen as the buyer confidence increases, setting up the scene for a possible bull run.
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“The next major resistance is in the $1.20-$1.80 zone, marked as a long-term target, which aligns with previous highs. If the current support holds, ADA could be positioned for a sustained rally toward the long-term target, especially as buyers regain confidence,” Melika writes.
She warns, however, investors of a possible bearish situation if ADA does not maintain its $0.30 level. Holders are at risk if ADA falls below the $0.30 support level. “A failure to hold support around $0.30 could see the price retesting to below $0.18,” Melika warns.
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ADA Price Forecast: A Short-Term Analysis
In the short term, ADA has a support area between $0.33 to $0.34. This zone is aligned along a trendline lower that highlights its significance. “A bounce from this support zone could see ADA targeting the resistance zone at $0.38 – $0.39. The engulfed area suggests a possible reversal signal,” The crypto analyst says.
The resistance area at $0.39 is a crucial point, where sellers previously dominated. This makes it a key area for ADA’s short-term pricing action. The breakout of this resistance would confirm the bullish rebound scenario. “The $0.39 zone is a significant resistance where sellers previously controlled the market, making it a critical area to watch for any breakout,” Melika states.
If ADA does not maintain its current level of support, it could fall towards the broader, long-term support price at $0.30. This would confirm the risks to the downside highlighted by Melika.
As at the press time, ADA was trading for $0.3437.
Chart from TradingView.com, image taken from Shutterstock
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Source: www.newsbtc.com
