Cardano Price Prediction Today: ADA Bulls Target $1.72
Cardano (ADA) is currently up over 2% and trading near $1.20. An important support area to watch is $0.83 to $1.06. There are two potential pathways Get ADA here.
Path 1: Prices continue to rise
In this case, ADA may continue to rise directly higher in a five-wave move to complete the fifth wave of the larger third wave. This move could push ADA to levels around $1.42, and possibly even $1.72 before the fourth wave of sharp corrections begins. After this, a fifth wave of rebound may occur.
Path 2: The unfolding of a larger fourth wave
The second possibility is that ADA is already in a larger fourth wave. In this case, the price is forming an ABC structure as part of the fourth wave. Both paths are possible, but the first option, a further push higher, appears to be the preferred prospect.
Key support levels worth paying attention to
The key support level to watch is $0.64, which is the 50% retracement of the rally that began in November. If ADA falls to this level, it would mean a larger pullback before the next move higher. Prices are also likely to move higher in the short term before testing this support level.
Short-term trends and market impact
In the short term, ADA is likely to see some volatility as it is closely tied to the performance of Bitcoin. Bitcoin’s dominance is currently declining, allowing altcoins such as ADA to revive. However, the next resistance zone for ADA lies between $1.15 and $1.27. This area may create some resistance as it is consistent with previous price levels and volume conditions.
Resistance and future goals
If ADA is rejected in the $1.15 to $1.27 area, the five-wave structure may decline, resulting in a C-wave decline. In this case, ADA may find support around $0.76.
