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.

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

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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.

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