Price Analysis

Cardano Price Analysis: Will ADA Price Hit $2, Despite the Bearish Cycle?

The crypto market seemed to be showing signs of relapsing as many of the altcoins are experiencing price corrections over the few days. Even the market leaders Bitcoin and Ethereum are encountering the emendations and Cardano is not an exception.

ADA has lost 6.72% momentum in the last 24 hours along with BTC, ETH, BNB, DOT, LTC, LINK and many more. The currencies dissipated more than 5% over the past 24 hours.

The crypto market heavily suffered from the downtrend that led to the loss of crypto assets that gained during the price rally in the last week. Despite the bearish run, ADA is still a market leader along with BTC and ETH.

ADA Price Analysis

Over the few weeks, ADA rallied hard to achieve a new milestone in the bearish run by registering a new all-time high at $1.48 on February 27.

However, Cardano failed to survive the bearish attack and the prices consistently started to drop. The altcoin could rush to hit $2 if it successfully continues to retrace the previous price levels.  

ada price

If the bears fail to drag the prices down, ADA might jump to $1.35 by resisting successfully at $1.30. The major support levels are to be formed at $1.10 and $1.18. The relative strength index stands at 63.68 which is indicating the buy signal. 

The MACD indicator is heading towards the bearish crossover and strongly indicating the sell signal as the MACD line steadily heading downwards and intersecting with the signal line at 0.16 points.

At a press time, ADA price is $1.17 with a 24 hours trading volume of $5,518,141,160. It is down 4.38% in the past 24 hours with a market capitalization of $37,458,913,392. The current coinmarketcap rank is #3. 

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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