Categories: Price Analysis

Cardano Price Flips the Bearish Divergence, Will It Smash $2 in March 2021?

ADA Out of the Top 3 Crypto Assets

The Mary hard fork on the Cardano platform appears to have not impacted the Cardano price as the price dropped since the hard fork launch. The plunge was so massive that nearly 25% of the price was slashed in just a couple of days. 

With the drastic plunge, Cardano lost its spot in the top three cryptocurrency list after Bitcoin and Ethereum. The stablecoin Tether (USDT) has replaced the asset pushing ADA to the fourth position. 

However, the Cardano price which maintained a plunge since the early trading hours flipped the bearish momentum and initiated a surge. The bullish trend is expected to continue and the price may also smash $2 in March 2021 as predicted by an analyst.

Cardano Price Analysis, Will It Regain the Lost Positions?

Cardano price after the lowest monthly close around $1.19 spiked a little following an announcement of the launch of Mary Hard fork. The price trended in between $1.24 to $1.35 levels for some moments and was dragged below $1.2 yet again. 

The ADA price in the previous working day experienced a steep free-fall which trembled the price that continued till the early trading hours, close to $1.02. However, in the past couple of hours, the price renounced and gained nearly 13% at press time.

At the time of writing, the ADA price is $1.12 with a drop of 7.07% in the past 24 hours yet a 10% jump compared to early trading hours. Currently, the price is required to hold strong at the current levels to keep the bullish momentum intact.

Technical Specifications

  • The resistance level stands initially at $1.26 and later at $1.32
  • The support levels stand at $1.01
  • The indicators for the Cardano Price points out at a ‘buy’ signal
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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