Price Analysis

Cardano (ADA) Price to Surge by More than 30% to Hit $0.58 Soon!

Author: Sahana Vibhute

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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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Highlights
  • Cardano is currently up 10%, and is aiming to move higher to reach the immediate highs to prevent a bearish close for the month

  • A price drop below $0.435 may flash huge bearish signals and hence needs to be monitored closely

Cardano‘s price continues to trade almost flat for nearly a week after the resistance levels were lowered ever since the market collapsed in May 2022. Eventually, the bulls gained control and drove the prices up to equal highs created at $0.58, but woefully, it remained a short-lived rally

The most recent liquidity fractal, which is occurring at the precise drop of $0.437, is one of a total of eight that the ADA price has so far generated. Technically, the candle that was produced a week ago accumulated all of the liquidity that had been resting below for the previous 22 days. 

Since then, the price has surged above the low, gaining about 10%, and is now attempting to move higher.

Given the state of the market, a significant increase in the Cardano price is not anticipated from a bullish standpoint.Since the recent lows, the Cardano price appears to have produced equal lows at $0.425. Investors should keep an eye on $0.435 and $0.425 for probable downside movement. 

Prices are expected to soar higher at the first resistance level at $0.4725 if the recovery materializes. However, the weekly resistance is located beyond this at $0.505 which may be th next target for the ADA price.

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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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