In our last Cardano price prediction we wrote about a possible future increase. However, we expected a correction prior to the rally. This correction had a target of around $1.065. The Cardano course then also reached the GoldenPocket, but a short time later it fell below $1.065. However, the price was able to find support at the trendline, so the descent below the GoldenPocket was not too dramatic. Now the price is again above the GoldenPocket. But how could things continue in the future? Which level needs to be broken for the price to experience an extreme surge? We'll enlighten you!
The Cardano course is currently in a sideways phase. This sideways phase consists of the $0.95 – $1 support zone and the $1.197 resistance. Since this formation is considered a consolidation phase, the price will break out in one direction in the near future. Optimally, we break the $1.197 resistance and see a bullish breakout. If the Cardano course breaks out bullishly, it could form an upward trend in the next few weeks. This uptrend could then continue to around $1.7 – $2. We would thus experience a price increase of around 80%.
Will the price break out bullish or bearish?
Rectangles are usually continuation formations, which is why Cardano price has a higher probability of breaking out to the downside. Since the Bitcoin course has shown a bullish development lately, the Cardano course could be pulled along by Bitcoin. Thus, the price could break the $1.197 resistance and rally to $1.7 – $2. If the price breaks the $1 support, the price could drop to $0.4. There is the next support. However, we are not assuming that for the time being.
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