Price Analysis

Cardano is Patiently Waiting for a Breakout, Can ADA Price Hit $3 Today?

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Cardano, which has been slowly gaining popularity, has cemented its place in the trio group with a market valuation of about $90 billion. On Cardano, smart contract capability is set to be implemented in September 2021. There is a lot of doubt, fear, and uncertainty as it consolidates near the top high of $3. Some believe ADA will retrace, while others see this as an opportunity to increase their holdings. 

Cardano inflows totaled $10.1 million in the week ending August 30, according to CoinShares, a new high for the cryptocurrency.

Also Read : Ethereum’s Dominance In A Jeopardy, Cardano Price Rally To Go 100X From Here!

Race to $3!

The price of ADA began to rise again above the $2.50 resistance level against the US Dollar. Between $2.75 and $2.90, Ada is slowly going towards the upper Bollinger range. The price is now hovering around $2.75. Cardano’s price has since risen above $2.80 after finding support at the bottom edge of the ascending price channel. 

On the upside, the price is coming up against a significant resistance zone near $2.95. The price could climb above $3 if there is an upside break above the $2.95 zone. Near the $2.70 level, there is instant support. The price may return to the $2.50 support level. If the price clears the $2.90 resistance zone in the short future, it might launch a new strong uptrend.

Crypto kaleo has said that ADA needs to break above the $2.7 mark.

The RSI is showing some strength on the charts, with a level of 64. However, there is a substantial likelihood of retracement. The next critical level for the market to breach is the $3 barrier, which it must do in order to continue the bull run.

Also Read : Ethereum, Cardano, or Solana, Who Will Win the Smart Contract Platform Race?

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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