Simpsons reportedly predicted Cardano (ADA) price could hit $36, fueling speculation as the top coin trades near key support. After reaching $1.17 earlier this month, ADA has been declining, following a broader market downturn that triggered significant liquidations. Analysts are monitoring a potential recovery amid growing discussions about an ADA ETF.
Will Cardano Price Hit $36 As Simpsons Forecast?
Simpsons predicted Cardano price could reach $36, igniting speculation despite market downturns. The animated series has demonstrated accuracy in its predictions since it correctly predicted the elections of Donald Trump and Disney’s purchase of Fox along with the spread of Ebola.
Additionally the show accurately predicted three products which include smartwatches along with video chat technology and the existence of a three-eyed fish near nuclear plants.
Simpsons predicted both coronavirus and the destructive hornets known as murder hornets before either event occurred. Investors now focus on the recent ADA prediction because they want to understand its practical viability.
The current market uncertainty encourages observers to investigate how the Simpsons’ past behavior might affect future price fluctuations.
Key Levels To Watch
Analyst Ali tweeted that the Cardano price is approaching a key support zone between $0.80 and $0.66. Holding above this range could trigger a strong move. His analysis highlights past price reactions at this level.
If ADA maintains support, bullish momentum may build, but a drop below could signal further downside risks in the market.
Is More Selling Pressure Ahead for ADA Price?
The latest ADA price is trading at $0.74 after experiencing a slight decline of 5% in the last 24-hours. The top coin has recently failed to hold above the $0.80 level, leading to a downward trend.
Most of the crypto market has seen a decrease, with The BTC price hovering around the $82k support level and the ETH hovering around $2k as the market faces a lot of liquidation.
The current ADA price suggests selling pressure is increasing, with ADA approaching a critical support level near $0.70.
The Moving Average Convergence Divergence (MACD) indicator remains in the negative zone, with the signal line at -0.0287. This suggests bearish momentum is still in play. The histogram also reflects continued selling activity, indicating further downside. The Relative Strength Index (RSI) is at 36 on the 4-hour chart, showing that ADA is nearing oversold conditions.
If bullish makes a comeback, the Cardano price prediction could attempt a rebound toward the $0.80 and $1 resistance level. On the downside, failure to hold the $0.70 support could result in further losses, targeting $0.60 in the short term.
To sum up, the Cardano price remains under selling pressure, making a rally to $36 unlikely in the near term. However, ADA price trends show a potential for recovery under favorable market conditions. The next move will depend on key support levels and broader market sentiment.
The post Can Cardano Price Hit $36 as Simpsons Predicted? appeared first on CoinGape.
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