Price Analysis

Cardano Breaks Through the Consolidation but Still, It May Not Be a Good Buying Option Now!

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 16, 2022

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Article Highlights
  • Cardano price amid the current uptrend broke some crucial levels but could not break through the narrow consolidation

  • ADA price now displays a significant bullish trend, but yet another pullback still appears pre-programmed

The Cardano price managed to break above the crucial $0.8 resistance levels for some time and quickly dropped below the levels. However, the price currently maintains within the strong regions and hence the possibility of another leg up emerges. Currently, the ADA price movement has slipped to a sideway trend, reducing the volatility to a large extent. 

The asset broke out from a minor consolidation, while a drag towards the lower support was seen. The huge reduction in volatility combined with a rise in the price is pretty bullish. Investors whose patience is been tested frequently may witness a sigh of relief only when the price breaks through the $0.8 

Also Read Altcoins To Surge 60% This Alt Season! Are MATIC, ETH, SOL, ADA, ALGO, And HNT Ideal Buys?

As seen in the above chart, the ADA price had undergone a similar consolidation in February. After the breaking through the consolidation, the asset rallied more than 12% to mark Feb highs just above $1.250. However ever since then the asset fell into a deep bearish well and awaiting a significant boost. Currently, after the asset witnessed a similar consolidation, it appears to have been preparing for a bullish breakout. 

Therefore, the interested market participants can enter a long position with a small slip below $0.8. The first target would be marked at $0.95 with a 12% jump as it did before in February. With an extended bull run, the ADA price may even smash the psychological barrier at $1 also. But before going high, the Cardano price may once again trend below $0.8, around $0.76 to $0.78 yet again. 

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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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