Price Analysis

Cardano Bulls are Back in the Game, ADA Price Poised to Hit $2.5 Soon?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Nov 10, 2021

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This week, the ADA price staged a strong breakout. Cardano was besieged for a few weeks. Bitcoin and Ethereum, on the other hand, have reached all-time highs.

Cardano currency is currently showing no symptoms of weakening. It has declined by more than 2 percent in the last 24 hours and now trades for $2.22 per token. The price of ADA has exploded in recent days, increasing by more than 20% in just two days.

Cardano Price Action:

Following a strong selling pressure concentrated at the $2.10 level that helped prevent any additional attempts to extend the gains across the board, bulls are now taking charge of the price action. 

The price is likely to break over the $2.30 resistance level, which has proven to be a difficult nut to crack for the cryptocurrency in the short term.

Cardano’s price is currently stuck in a rounded bottom pattern, with a roadblock at $2.30. A daily closing above this level puts ADA on the road to $3. After testing resistance at $2.40, the cryptocurrency is currently sliding. The current retracement will most likely end near $2.05. 

ADA/USD will restart its upward trend if buyers push the altcoin above the price levels of $2.40 and $2.80. The ADA price is at Relative Strength Index level 59 for period 14, indicating that the altcoin is in an uptrend.

Cardano appears to be positioned for more gain in line with market sentiment, with a key resistance level of $2.5. Markets have demonstrated significant support throughout these transitional periods before spiking higher or plummeting lower, depending on what happens next.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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