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Price Analysis

Cardano Price About to Break the Upper Barriers, What May Be the Smashing Levels?

Highlights

    Cardano price surged will a strong bullish momentum and gained its lost positions above $1

    The price focus lies at the price movement as a consolidation above $1 for a couple of days is the need of the hour.

Despite the freefall of the majority of crypto assets, Cardano price remained balanced without shedding much of the profits after hitting $1 for the first time since 2018. As Coinpedia reported earlier that, a big breakout is expected for the ADA price, the price appears to have headed accordingly.

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The ADA price is trending within the first resistance levels between $1.01 to $1.06 and may break the levels very soon. However, a strong consolidation above $1 for a couple of days is required to keep the steak intact. 

The continue ADA price rally may lead the price back to $1.15 to $1.2 with a massive price breakout which is imminent. Currently, ADA price is in a reversal mode and may rise by about 20% as per an analyst Top AIM Stocks. 

Yet according to another analyst, Rekt Capital, Cardano is following a similar pattern as Ethereum. As per the analysts, ADA is in the process of turning its previous full-candle All-Time high into support levels. Hence forming new high levels very soon.

ADA Price Analysis

The ADA price began trading the previous working day with a surge yet again above $1 after a plunge to levels close to $0.8. Yet a major drain out was awaiting shedding the profits by dragging the price again to the levels around $0.8. As it formed a double-dip pattern, a massive breakout was imminent.

Cardano ADA Price

And hence, the price again spiked above $1 to attain the current levels at $1.04 with a big jump of 9.13% in the last 24 hours. As mentioned before, the ADA price is trending within the first resistance levels and hence a significant breakout to the levels close to $1.2 may be incoming.

The RSI levels are also trending in a decent range, neither overbought nor oversold, yet attempting to surge with the price. The MACD indicator, however, pointed out towards the buy signal earlier and currently leaping high. 

Technical Indicators

  • The resistance levels are formed at $1.15 
  • The support levels are formed at $0.9670
  • The indicators for Cardano price points at a ‘buy’ signal

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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