Cardano's price rally is gaining strength, maintaining levels above the $1 mark. We dive into current market conditions and forecast the next 24 hours.
Current Market Analysis
In the 4-hour chart, the Cardano price trend shows an inverted head-and-shoulder pattern, indicating potential growth. The price surged by 2.29% over the last four hours, staying above the $1.01 level. Currently, the token trades at $1.070, marking the fourth consecutive bullish candle in the past 20 hours.
Technical Indicators
EMA: The price uptrend in the 4-hour chart highlights the bullish dominance. RSI: The RSI line is inching towards the overbought boundary, supporting the rally. A new 52-week high is anticipated in the next four hours.
Cardano Price Forecast
According to Fibonacci levels, breaking the 100% level at $1.105 will open up targets at 1.272 and 1.618 Fibonacci levels, corresponding to $1.168 and $1.247. Thus, the upside potential is 16% in the next 24 hours. In the case of a bearish reversal, the price might retest the local support at around $0.989, reflecting a 7.8% downside risk.
The analysis points to Cardano having significant growth potential in the short term. Investors should weigh opportunities against the associated risks.
