Skip to content

Cardano Price Prediction: Challenging Support, But Bigger Base Intact

Steve Miley trader
Updated 6 Oct 2022

Trade Crypto Here Your Capital Is At Risk

Key points:

  • Cardano Support Tested
  • Intermediate-Term Bottoming Pattern Intact
  • Cardano Price Forecast

The Cardano (ADAUSD) price chart shows a recent challenge to support. However, we are still seeing the larger, intermediate-term basing pattern as intact. Below we provide potential prices forecasts, primarily bullish but highlighting downside risks and trigger points.

Cardano Support Tested

Cardano has been in a sideways consolidation phase on an intermediate-term basis since the bear market low was posted in May at 0.3885. Furthermore, price action over the past two weeks has also seen a narrower consolidation theme in the short-term, but which has had a more negative bias, with a gradual price decline in late September and early October. This produced a push down to a low at 0.4148 on Monday, below the August and July troughs, at 0.4233 and 0.4028, respectively.

Cardano (ADAUSD) Daily Chart – Source:

A Guide to Why and How to Buy Cardano

Intermediate-Term Bottoming Pattern Intact

This ADAUSD support challenge is a concern for the large basing efforts, but the subsequent small bounce from 0.4148 has indicated a hesitancy to signal a more bearish theme. Whilst the May low holds at 0.3885, the intermediate-term base is intact.

Cardano Price Forecast

Whilst holding above 0.4148 and more notably 0.3885, therefore, we would look for a resumption of a more positive price theme and look for a Cardano recovery to take place into October and then potentially for the balance of 2023. For October, the upside risk is for a move back closer to swing resistance levels at 0.5199 and 0.5947.

Going into the end of the year, a more forceful price advance could see Cardano rally up towards the June recovery high at 0.6881 and with an overshoot threat of a more aggressive rally closer to the May chart resistance at 0.9050.

Surrender of the recent 0.4148 low, however, would likely open up the risk for a challenge to the bear market low at 0.3885, with the potential for a more bearish extension through here, towards 0.2500

Steve has 29 years of financial market experience including 3 years at Credit Suisse and 15 years at Merril Lynch. Steve is the Academic Dean for The London School of Wealth Management and has won many awards from Technical Analyst Magazine.