Price Analysis

Bullish Week For Cardano Price, May Test $1.45 Intraday and $1.55 Weekly Close

Highlights

    Cardano Price initiated the weekly trade with a bullish note, however, the bears outspread in the market and squeezed the price

    The ADA price aims higher and hence forms a double-dip pattern in the upper zone of the parallel channel eliminating further dip

    The CEO of Cardano’s parent organization IOHK,Charles Hoskinson was criticized for not keeping up the promise, which was defended well by the CEO

Cardano price, since it initiated with the bull run, displayed minimum corrections each time it dipped. The fresh week trade began with a notable jump aiming to hit $1.5. The ADA price rallied very close, woefully experienced a pullback. The pull-back could, however, failed to drag the price below $1.4. And hence a substantial recovery in the intraday is high possible. 

One of the popular analysts c313x hopes if the levels at $1.45 are held successfully in the intraday trading, then the price may range up to $1.5 this week. And eventually, the bull run may continue further until the price reclaims its lost positions above $2.

The analysts say, that the newly formed support levels at $1.41 from $1.45 may be tested today. According to him, the correction is healthy which prevents the bull run to get overheated. Despite the pull-back, the price could still rally to $1.58 this week and woefully, a correction may hinder the rally. He further predicts the price to hit $2 by mid-July if the upward movements continue.

adaprice

Currently, the ADA price is following within a parallel channel and attempting to sustain in the upper zones of the channel. The price despite a drop towards the mid ranges of the channel a couple of times managed to eliminate a further dip below. Therefore a double bottom pattern may be pointing towards levels breaking the upper range of the channel.

Technical Specifications

  • The resistance levels are at $1.46
  • The support levels are at $1.35
  • The indicators are currently neutral, could flip towards buy soon
  • The price of Cardano price is $1.42 with a drop of 0.71% at the press time

Also Read : Grayscale’s Portfolio Inclusion Propels Cardano Price Higher!

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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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