NewsPrice Analysis

Cardano(ADA) Price Seems to Form a Bull Flag, Will Make It or Break It?

Highlights

    The ADA price is currently experienced the first major pulldown ever since January 2018 which dragged price from above $1 to below $0.2

    ADA price struck with the huge selling, sheds the profits, yet recovers like a giant and heading strongly to the upper resistance levels

Great Opportunity to Accumulate ADA below $1?

The ADA price in recent times witnessed a steep fall, shedding nearly 30% of the gained profit. Many speculated, the price may even retest the original positions below $0.1, yet the price appears to have sustained the support levels and bounced. 

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Regardless of the slight uptrend, still, ADA price appears to be in a dilemma about the further movement. As said by one of the Crypto analysts, Rekt Capital, ADA is establishing itself before the new trend emerges.

Yet another analyst Kong, believes that a breakout from the current zone would lead to straight jump above $1 as the ADA price has re-tested the previous area of breakout perfectly.

Cardano(ADA) Price Analysis

The ADA price rallied like never before smashing the upper barriers and hitting the yearly highs very close to $1. Woefully, the bearish divergence carried the price too much lower levels, yet avoided too much slippage to its previous levels below $0.1.

ADA price chart

Cardano price rally in the early trading hours revisited the strong support levels around $0.7 after. Therefore forecasting the possibility of a more downtrend, yet the price rebound with great effort and smashed the levels above $0.8.

At the time of writing, the ADA price is $0.8390 with a dip of nearly 3.09% in the last 24 hours. The plunge, however, did not replace Cardano’s position on the cryptocurrency ranking list, as it sits comfortably in 4th position. 

Technical Specifications

  • The strong resistance levels are at $0.95
  • The support levels are at $0.6687
  • The indicators for ADA price point out towards a ‘buy’ signal

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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