Price Analysis

A Pretty Bullish Case Emerges For Cardano Price, Is $2 On Cards?

Highlights

    Cardano price after a much accumulation is showcasing a possibility of the next leg up to hit the levels much higher than the current ATH

    The smart contracts on the ADA ecosystem is looked as the game changer which can propel the price to expected highs

Cardano May Hit $3 Soon!

Cardano price rally is among the most favoured rally since the beginning of 2021, which escorted the price more than 1500%. However, after reaching its peak, most of the assets slided down at greater pace amid the market slash. ADA prices too experienced a similar trend revisiting much lower levels yet stood strongly above $1.

However, with the recent price movement forecasted a possible bullish momentum for the ADA price. Unlike the other assets, Cardano rejected being within the consolidated range, attempting multiple times to propel higher. And hence a bullish scenario for ADA with upper ATH at $3.12 may be incoming.

As predicted by a popular analyst, RESEARCH 24/7, the Fibonnaci levels are formed around $1.99 and $1.65. Therefore clearing the barriers towards the new and higher ATH levels somewhere above $3. 

Also Read: ADA Price Will Surprise the Traders! Three Reasons Why “Cardano Summer” Will Be a Hit!

ADA Price Analysis

The price reached its highest levels in the recent past by hitting levels close to $2.5. However, despite a strong tendency, the ADA price failed to keep up bullish momentum and plunged to some extent. 

However, the price still attempted very hard to rise and attained $1.8 levels a couple of times, yet rejected again. In the times of a strong pullback, the price currently is sustained strong above $1.5, and hence may propel high very soon.

cardano chart

One of the bullish indicators is the jump in the trading volume of about 31.74% recording more than $5 billion. And hence the increased activity may also uplift the price to the next levels in coming days. 

At the time of writing, the cardano price is $1.54 with a jump of 1.23% since the past 24 hours. However, the asset is expected to swell high and reach the upper resistance levels shortly. 

Technical Specifications

  • The resistance levels are at $1.84
  • The support levels are at $1.42
  • The indicators are currently neutral that may flip towards a buy signal soon.

Also Read: Cardano Price Appears To Jump High Towards $2 Shortly

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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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