NewsPrice Analysis

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


    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. 

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
Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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.

Related Articles

Back to top button