Price Analysis

Cardano Bulls are Back, May Rise the ADA Price Above $0.65 Very Soon

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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Aug 12, 2022

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As the crypto markets turn green as a series of positive rounds of updates are being circulated, Cardano price tested the same resistance. The asset fell short of some bullish momentum and faced a rejection just below $0.54 levels. However, the asset is expected to pick up again as the technicals suggest the ADA price is primed to trade closer to $0.7 by the end of the current month. 

As ETH price surpassed crucial levels with the announcement of the Merger date, does ADA price requires a similar boost from the upcoming Vasil Hard Fork?

After an extended consolidation for over a month, the ADA price has been displaying a swift shift in trend after the recent price rejection from $0.54. Despite a bearish intervention, the asset remains above the July highs and hence appears primed to make a larger move that may extend to the $0.68 mark. 

Source: Twitter

The Cardano price appears to have followed the plan and looks ready for the continuation of the bullish trend. Currently, the price is swinging within a crucial resistance which may end up in a minor pullback below $0.5. Further, a strong catapult action may propel the price beyond $0.55 which may trigger an upside movement towards $0.66. 

If the ADA price fails to hold at the $0.47 support zone, the entire bullish narrative will be invalidated. However, the price can be seen ranging along the 50-day EMA at $0.5217, while the RSI is around 56 displays a high valuation for the asset.

On the other hand, the MACD curve shows the tendency of the asset to remain above the neutral zone to form higher highs & lows. 

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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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