The post Cardano (ADA) Price Prediction (Nov 29th): Bulls Target $1.247 appeared first on Coinpedia Fintech News
Inching closer to the $97,000 mark, the bullish trend in Bitcoin is driving the altcoin rally. Amid the re-found bullish momentum, the Cardano price has reclaimed the $1 psychological mark and has surged nearly 10% over the past 24 hours.
Will this bullish trend result in an extended 16% rally in Cardano today? Let’s find out in our latest Cardano ADA price prediction.
Cardano Price Analysis
In the 4-hour chart, the Cardano price trend showcases an inverted head-and-shoulder breakout rally, with the price surge of 2.29% in the last four hours. The Cardano price trend is sustaining its dominance above its $1.01 psychological mark.
Despite the short-term increased volatility, the ADA price trend has surpassed the neckline at $1.048. Currently, it is trading at $1.070. This marks the fourth consecutive bullish candle over the past 20 hours.
The bullish recovery run is heading towards the 1.104 immediate resistance levels.
Technical Indicators:
EMA: The long-coming uptrend in the crucial EMA lines in the 4-hour chart reflects the bullish dominance.
RSI: The 4-hour RSI line is inching closer towards the overbought boundary line and supports the breakout rally. The ongoing recovery is projecting a new 52-week high in the next four hours.
Will Cardano Hit $1.247?
Based on the Fibonacci levels, the breakout of the 100% Fibonacci level at $1.105 will put the 1.272 and 1.618 Fibonacci levels as the next price targets. These levels are at $1.168 and $1.247. Hence, in the next 24 hours, the Cardano price trend showcases an upside potential of 16%.
On the flip side, in case of a bearish turnaround, the altcoin could retest the local rising support trend line near $0.989. Hence, the downside risk at the current market price remains 7.80%.
Will Cardano reach $10? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates.
FAQs
Cardano is trading at $1.070, following a 10% surge in the last 24 hours.
ADA shows a 16% upside potential, and breaking $1.105 could pave the way to $1.247.
ADA faces a 7.8% downside risk, potentially retesting $0.989 in case of a bearish turnaround.