Price Analysis

Cardano (ADA) Price Just Ranged Above The Buy Zone, Is It Late to the Party Now?

Written by: Sahana Vibhute

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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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Dec 27, 2021

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Highlights

    The stagnant behaviour of the ADA price establishes two possible scenarios of either a healthy accumulation or replication of previous narrow trend

    Cardano price broke through the consolidation and currently trending along crucial zones

The Christmas bells are ringing along with the world, yet the crypto space appears to be a little away from the Santa rally. The asset suddenly broke up from the consolidation and ranged high to test one of the important zones around $1.45. But ever since then, the ADA price is 

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Hovering along with these resistance levels and getting rejected each day in an attempt to surge higher. 

Will Cardano begin its stagnant trend again?

Well, the beginning of the current trading month was pretty good for the asset and soon after the death cross, the price was slashed drastically. A drop beyond the crucial levels of $1.45 was pretty worrisome as the price was slashed to as low as $1.1. Further, without wasting much time, the asset quickly bounced after a healthy consolidation. However, the current accumulation along these levels is also trying to point out a tough fight between the buyers & sellers. 

The Cardano price hovered in between $1.1 to $1.3 for more than 10 days in December which was said to be a huge buy zone. Now when the asset is sliced through this consolidation, it is again more or less stagnant along with similar levels. However, the current accumulation may be slightly different as the buyers appear to have dominated the rally. And hence manifesting consistent strength along these important levels may attract many other strong hands very soon. 

Currently, Cardano price is hovering along with the $1.4 levels, however, with a successful breakout, the next target to reach is around $1.79. And further, the asset could close the yearly trade surging beyond $2 after breaching through $1.93 resistance levels. As the ADA price is consolidating heavily, turning back to lower levels appear a little unlikely. 

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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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