Cardano Price with other Altcoins are having a mixed weekend while most of the coins are recording profits across the time frame. Major Players include Dogecoin, and BNB that record a 0.34 and a 1.13 percent increase respectively. Bitcoin has jumped by less than 1% in the past 24 hours while Ethereum has gained by just 3.57% in the same period. Most of the biggest coins have risen by less than 1%.
Since the first drop to $1 in May, Cardano has been on an uptrend. The first attempt to recover nearly collided with $2, but another correction followed almost soon.
This week the upcoming US inflation data which will be released on Thursday will have an impact on Cardano price.These figures are significant because they influence interest rates.
Cardano Price Might Surge to Hit $2 Level
ADA found support at $1.40 over the weekend and rebounded higher. It climbed and was trying to break resistance at $1.80 over the past three days but failed to continue its bullish rally and the price has dropped to just above $1.70.
The resistance at $1.80 stalled the market last week, however, if the bullish scenario continues it should set the scene for another bullish leg higher toward $2.00. Before climbing above the $2.00 barrier, ADA is predicted to retest the $1.80 level.
But if the bearish pressure is strong and continues to prevail the price may fall further in the immediate future if the selling continues. Looking ahead, the first resistance lies at $2.00 This is followed by $2.15 and $2.30. On the flip side, the first support lies at $1.80. This is followed by $1.7 and $1.60.The increased bullish momentum should certainly help ADA reach the $2.00 level.
Therefore, while the consolidation will likely continue, the coin will likely rise by about 8% to test the upper side of the triangle pattern at $1.8755. However, a drop below $1.60 will invalidate this trend.
Also Read : Analyst Buys 1 Million $ADA !! Believes Cardano Price Will Hit $10 By 2021 End