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.
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.
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.