Quick News : TimeCoin’s Special Token Sale

Price Analysis

ADA Price Analysis: Can Cardano Price Rebound After Hitting Support?

Cardano, on April 1, announced that the block production of the currency is decentralized. This feature enables ADA to be adopted as a digital currency for the masses to attract investment. As a result, there are speculations of the rise in ADA soon.

Advertisement header-banner-ad

A Netizen suspected that Cardano is going to make a big move in 48 hours, on Twitter. 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. Cardano(ADA) has been on a roller-coaster ride since its ATH.

On April 2, ADA Price broke out of the consolidation, reaching the $1.23 level. While penning this article down, ADA was consolidating at the $1.18 level, down 0.74% from the last trading session.

Technical Analysis

The chart indicates a consolidation pattern. The Bulls seem to be HODLing the cryptocurrency, as they believe it could hit new highs. The volumes of trades of ADA exceeded $2.26 Billion worth of transactions in the last 24 hours. 

A chart pattern as suggested by an analyst shows that there could be a correction before the rebound from the support level trendline.

ADA Boasts a market capitalization of $37.7 Billion and is ranked sixth on CoinMarketCap among all cryptocurrencies. Fibo Retracement levels show resistance at 0.236 or $1.16. Neutral to bearish sentiment is observed as represented by the MACD indicator. 

On a 30 minute Candle Pattern, RSI(14) levels were at around 43, slightly towards the oversold to moderate zone, showing significant room for volume dominated momentum if Bulls take control. 

There is a strong possibility that the price will hold above $1.16, forming a strong base and may blast to $1.5. It can also cross the $1.5 levels and finally hit $1.8 and $2 if the bulls HODL.

On the contrary, if there is an acute reversal and the price breaks down from the supports at $1.14, 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 ADA prices as the Bollinger Bands are narrowing down. But the previous ATH will act as a resistance level. Hence it is an important level to watch.

Support Levels: $1.16 and $1.14

Resistance Levels: $1.18, $1.23, $1.26

RSI(14): 43

MACD: Neutral to bearish

Show More

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Related Articles

Back to top button
Close