Cardano (ADA) Price Prediction for March 16

Cardano (ADA) Price Prediction for March 7

The post Cardano (ADA) Price Prediction for March 16 appeared first on Coinpedia Fintech News

As the weekend approaches, the overall cryptocurrency market has begun to recover, showing signs of an upward rally. Amid this recovery, ADA, the native token of the Cardano blockchain, appears bullish and is poised for a significant rally in the coming days.

Cardano (ADA) Technical Analysis and Upcoming Levels

According to expert technical analysis, ADA has formed a bullish inverted head and shoulders pattern and is now on the verge of a breakout. Based on recent price momentum, if the asset breaches the pattern’s neckline and closes a four-hour candle above the $0.76 level, there is a strong possibility it could initially soar by 10% to reach $0.85 in the coming days.

Source: Trading View

However, amid this rally, ADA may face resistance from the 200 Exponential Moving Average (EMA), which currently indicates that the asset is in a downtrend. This bullish thesis will hold only if ADA breaches the $0.76 level, otherwise, the bullish outlook may fail.

However, on a longer time frame, ADA appears to be consolidating within a tight range between $0.73 and $0.757 over the past five trading days and is now attempting to break out. If the asset breaches this consolidation and closes a daily candle above the $0.76 level, it could soar significantly by 50% to reach $1.15 in the coming days.

Source: Trading View

Major Liquidation Levels

At press time, both bulls and bears are making strong bets on the asset, as reported by the on-chain analytics firm Coinglass. Data reveals that traders are currently over-leveraged at $0.723 on the lower side, with $12 million worth of long positions.

Source: Coinglass

Meanwhile, $0.765 is another over-leveraged level, where traders have held $10.50 million worth of ADA tokens.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
Crypto News: Hackers Target Kaito AI with False Claims of Wallet Compromise
The post Crypto News: Hackers Target Kaito AI with False Claims of Wallet Compromise appeared first ...
READ MORE
default post thumbnail
XRP Price Must Close Above This Level For Bullish Breakout, Analyst Warns
XRP has struggled to gain momentum, with its price caught in a downtrend since the beginning of Marc...
READ MORE
default post thumbnail
TON Price Jumps 20% Following Positive News On Telegram Founder
The TON price has reclaimed the $3 mark with an over 20% spurt on Saturday, March 15. This price spi...
READ MORE
default post thumbnail
Stellar (XLM) Price Could Surge To $0.38 — Analyst Explains How
After a turbulent start to the week, the Stellar price seems to be finding some stability, briefly c...
READ MORE
default post thumbnail
Bitcoin To $10,000? Top Analyst Issues A Stark Warning
An analyst revealed on Friday that Bitcoin might suffer a 91% decline from the coin’s all-time hig...
READ MORE
default post thumbnail
Best Presales to Explode After Trump’s WLFI Ends $590M Token Sale
Trump-backed crypto investment firm World Liberty Financial has raised $590M in the $WLFI token sale...
READ MORE
Read more posts