Cardano Price Predicted to Reach $0.315 as Analyst Sees Bullish Trend Continue
Cardano's price has been steadily climbing back above $0.25, and analyst More Crypto Online believes this trend may continue to reach a target of $0.315. This prediction is based on a chart shared by the analyst, which shows ADA rising within an upward sloping channel drawn from its June low.
The channel begins near the June low, close to $0.13, and follows a series of higher moves into September. Currently, ADA is trading around $0.255 on the 4-day Kraken chart.
More Crypto Online identifies wave (c) as unfolding and expects it to reach the next target at $0.315. This level nearly matches the larger 38.2% Fibonacci retracement at $0.315422.
However, ADA still has a nearer level to deal with first - the 23.6% Fibonacci level at $0.230862. If the price holds above this area, the current recovery will appear stronger. A drop back below it would make the climb toward $0.315 less convincing.