Wednesday, January 19

Price Prediction: Cardano gearing up for 40% upswing and HUH Token offers fresh buy opportunity

Cardano’s price is on the mend following the December 4 crash, when it lost nearly 25% of its value. Meanwhile, HUH Token has consolidated back into the buy zone and looks set to test its all-time high.

Cardano (ADA)

Cardano has fallen over 60% since reaching its all-time high on September 2. But ADA’s chart has signalled a bullish divergence indicating that a price reversal could be on the way. However, in order for this reversal to be confirmed, ADA will have to break its short-term downward trend line, which has been in place since November 9.

Looking at ADA’s 4-hour chart, the relative strength index (RSI) has signalled a sell divergence – as the RSI has gone up but the price has gone down. This indicates that a price reversal is likely. If ADA breaks above $1.35 and bounces off the blue trend line, this could signal a 40% upswing to the long-term ADA downtrend line around $1.75.

Hydra, Cardano’s scaling solution, is getting closer to release and could provide the impetus needed for the price to break above its downward trend. This week, the Hydra team released its second pre-release of end-to-end Cardano node integration.

The release of the layer-2 scaling solution is critical for the Cardano blockchain because it enables parallel processing of transactions and smart contracts. Hydra’s implementation in the Cardano ecosystem would have the same effect as Ethereum’s “sharding” or parallel blockchains.

On the other hand, if ADA breaks below its current support level at $1.19, the price is likely to fall further to its major support level at $1, and the bullish prediction will be nullified.

HUH Token (HUH)

HUH Token has consolidated back to its support level at $0.0001726 presenting an opportunity for side-lined buyers to get in before a potential 30% Upswing to $0.0002374.

Earlier this week HUH Token reclaimed a support level at $0.0001726 indicating bullish appetite is strong at current levels.

Investors can now expect HUH’s price to bounce off the support level offering buyers a fresh opportunity to get in before the price swings up to test the first resistance level at $0.0002374. If HUH manages to break this barrier then the price could swing upwards to retest its all-time high at $0.0002725 – a rally of roughly 50% from current levels.

HUH 1-Hour Chart according to TradingView

If HUH’s price can break above the all-time high at $0.0002725 then investors can expect the price to continue to move upwards and create new highs, with the first Fibonacci extension level of 23.6% or $0.0003368 as the next target.

However, if HUH’s price falls below the support level at $0.0001726, then investors can anticipate a dip to retest the next support level at $0.0001618. Potentially offering traders a new buy opportunity.

HUH Token launched December 6 and rocketed over 4000%, breaking into PancakeSwap’s top 20 in the first week of trading.

HUH has a market cap of over $160 million, with over 12 000 holders. HUH’s recent listing on popular indexes and has also helped push the price upwards.

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