2023-4-8 17:00 |
Due to conflicting readings from the weekly and daily time frames, the Cardano (ADA) price prediction for April is still being determined.
ADA is the coin native to the Cardano blockchain network, and its price has increased since the start of the year. On February 16th, it reached a new high for the year at $0.421, which initially looked like it broke through the crucial long-term $0.410 resistance level that has acted as both support and resistance since May 2022. However, the price did not break out, but instead deviated above the area and dropped afterward.
Despite this setback, the ADA price is currently attempting another breakout. This attempt is also backed by the RSI (Relative Strength Index), which broke out from its previous bearish divergence trendline and is currently above 50.
If the breakout occurs, ADA could reach the next resistance level at an average price of $0.560. However, if another rejection occurs, the ADA price may fall to $0.325.
ADA/USDT Daily Chart. Source: TradingView Cardano (ADA) Price Prediction for April: Has Price Reached a Local Top?The price action and wave count from the short-term six-hour chart indicate that the ADA price has risen within an ascending parallel channel since March 10th. This type of channel usually contains corrective structures. Its movement has been quite volatile, suggesting a bearish structure.
Therefore, the price increase over the past month may be the B wave in an A-B-C corrective structure (black). In this scenario, the C wave would result in a breakdown and take the ADA price down to $0.280.
However, the bullish outlook from the daily time frame contradicts this bearish wave count. Therefore, if the ADA price breaks out of the channel (and also surpasses the $0.410 resistance level), it would invalidate the bearish outlook and lead to an increase toward the $0.560 resistance level. Therefore, the next 24 hours will be crucial in determining the future trend.
ADA/USDT Six-Hour Chart. Source: TradingViewTo conclude, the ADA price prediction for April is undetermined. Whether the price breaks out or down from the ascending parallel channel pattern will likely determine the future trend’s direction. A breakdown could lead to a drop to $0.277, while a breakout could cause an increase to $0.560.
For BeInCrypto’s latest crypto market analysis, click here.
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