Price Analysis

Cardano(ADA) Price is Primed to Reach $1.8 in a Month or Two, Is it a Resurrgance of A Bull Rally?

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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Mar 28, 2022

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Highlights

    Cardano's price after quite a long time is manifesting an extremely bullish trend where the price is not retesting any lower levels from the past couple of days.

    The upswing may however uplift the price close to $2 before mid-2022 and stabilize a significant bull run ahead

Cardano‘s price during the past week was expected to break out from the bullish flag and hit the nearest resistance around $1.5. Further, the asset displayed a diverse trend and plunged hard close to $1, the lower support. However, the weekend appeared to be pretty bullish as a huge impulse wave uplifted BTC’s price close to $47K. And hence amidst the green wave, ADA price also prepares for a massive breakout. 

The ADA price recently flipped hard after hitting $1 levels again and ignited a notable uptrend forming higher highs and lows. The price was expected to hover above $1.2 after the trend reversal. However, the asset faced a minor rejection an inch before achieving $1.2 levels. Yet the price still appears to be poised to inculcate a strong bullish trend and quickly range high to hit $1.8 slicing through $1.5 levels soon. 

  •  The ADA price recently went parabolic to regain the levels around $1.17 and is currently on the verge to undergo a slight pullback
  • Thus forming a ‘Cup n Handle’ pattern, the price could retest the lower support at $1 again before igniting a firm uptrend towards the high demand area
  • On reaching levels above $1.6, bulls are expected to enter who may further elevate the price close to the $1.8 resistance zone
  • No doubt the bears may also enter the ring and hence a slow yet steady rally is expected in the near future eliminating the possibilities of a huge spike
  • On the other hand, RSI and MACD are extremely bullish at the moment but appear to flash out a bearish signal soon. Therefore a minor pullback towards the immediate support at $1.01 may be pretty high. 

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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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