Price Analysis

Cardano(ADA) Price Analysis – ADA Poised for a 40% Upswing?

Cardano(ADA) announced that the currency is going to be completely decentralized. The features that enable ADA to be adopted as a digital currency for the masses attract investment. 

Cardano(ADA), a step closer to mass adoption

As per Twitter user, this could have a positive impact on the prices of Cardano. The adoption of ADA for daily transactions could have a positive reaction to the price.

ADA has resorted to consolidation since it’s a 5% jump on March 26. It has been on a roller-coaster ride since its ATH.

On March 26, Price broke-out of the descending triangle. Bulls finally won the battle, breaking the crucial resistance levels and reaching the $1.28 level. While penning this article down, ADA was consolidating and was looking healthy at $1.21 levels, up 2% from the last trading session.

Technical Analysis of Cardano(ADA

The ADA chart indicates a parallel ascending pattern indicating bullish momentum. The Bulls seem to be HODLing the cryptocurrency, as they believe it could hit new highs. The volumes of trades of Cardano’s ADA exceeded $2.5 Billion worth of transactions in the last 24 hours. 

ADA Boasts a market capitalization of $38,744,689,695 and is ranked Fifth by CoinMarketCap among all cryptocurrencies. Fibonacci Retracement levels show resistance at 0.236 or $1.2212. Bullish sentiment prevails as the MACD indicates.

CardanoADA ) 30 minutes Candle stick Chart Analysis

On a 30 minute Candle Pattern, RSI(14) levels stand at around 60, slightly bought, moderate zone, showing significant room for volume dominated momentum. The moving average(20 & 50) indicates an Intraday perspective for long trades. . 

There is a strong possibility that the price will hold above $1.16, forming a strong base and may blast to $1.5. There is potential to cross $1.5 levels and finally hit $1.8 and $2 if the bulls HODL.

On the contrary, if there is an acute reversal breaking down prices from the supports at $1.18, it could lead the currency to take support at $1.1 and $0.9. The next two trading sessions will decide the direction of the momentum of the Cardano(ADA) prices, as the Bollinger Bands are narrowing down. But the previous ATH will act as a resistance level increasing the importance of ATH levels.

Support Levels: $1.18, $1.16 and $1.1

Resistance Levels: $1.22, $1.26and $1.45.

RSI(14): 60

MACD: Bullish

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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