The post Cardano Price Prediction Today: ADA Bulls Target $1.72 appeared first on Coinpedia Fintech News
Cardano (ADA) is currently up by more than two percent and is trading close to the $1.20 levels. The important support area to watch is between $0.83 and $1.06. There are two potential pathways for ADA from here.
Pathway 1: Price Continues Higher
In this scenario, ADA could continue rising directly in a five-wave move to complete wave five of the larger third wave. This move might push ADA to levels around $1.42, potentially even $1.72 before a larger correction begins in wave four. Afterward, a rally in wave five could occur.
Pathway 2: Larger Fourth Wave Unfolding
The second possibility is that ADA is already in the larger fourth wave. In this case, the price is forming an ABC structure as part of wave four. Both pathways are plausible, but the first option, with one more push higher, seems to be the preferred outlook.
Key Support Level to Watch
The key support level to watch is $0.64, which is a 50% retracement of the rally that began in November. If ADA drops to this level, it would mean a more significant pullback before the next move up. The price could also move higher in the short term before this support is tested.
Short-Term Movements and Market Influence
In the short term, ADA may show some fluctuations, as it is closely tied to Bitcoin’s performance. Bitcoin dominance is currently decreasing, allowing altcoins like ADA to recover. However, ADA’s next resistance zone is between $1.15 and $1.27. This area could cause some resistance, as it aligns with previous price levels and volume profiles.
Resistance and Future Targets
If ADA faces rejection at the $1.15 to $1.27 area, a possible decline in a five-wave structure could lead to a C-wave down. In that case, ADA might find support around $0.76.