Price Analysis

Cardano Stands Strong Amidst Bearish Market, ADA Price Assured of a 20% Upswing 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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Jun 16, 2022

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Highlights

    Cardano price remains strong squashing the turbulence that hindered the ADA price rally to achieve the crucial resistance close to $0.8

    While the market conditions are uncertain, multiple projects on Cardano continue to make announcements aiming to move ahead

    Once the ongoing crypto-recession reaches its destiny, Cardano is believed to melt faces with massive price action and strengthened blockchain

Cardano (ADA) price stands strong above $0.5, making a quick recovery from the bottoms. The recent price plunge dragged the price to a 14-month low, which was defended each time it visited. The ADA price had lost more than 55% of its value since May, out of which the asset had already recovered more than 60% until the Celcius Network crisis dragged the entire crypto space to its knees. 

While BTC price broke down from the crucial support around $28,700 and dropped hard to hit the bottom at $20,200, ADA price quickly retracted above $0.5 from $0.449. Currently, the price is trading within a parallel consolidation and hence the lower support could be held, while the upper resistance maybe not broken either. 

Cardano (ADA) Price Analysis – Short Term

  • As mentioned before, the ADA price is trading within a parallel channel respecting the resistance and support levels.
  • Currently, the price is getting rejected from the middle bands of the channel and hence may again reach out to the lower support.
  • Here one can expect a significant bounce that may again regain the positions above $0.5. If ADA can break through this resistance, the price is likely to continue its uptrend and reach $0.70 in the near future.
  • At present, ADA bulls seem to be in control driving the price towards the $0.55 resistance level. Traders can expect an actual bullish trend if ADA Price must stay above this level.
  • On the other hand, if the altcoins drop from the aforementioned support level ADA/USDT could drop to the $0.37 level due to a rise in selling pressure.

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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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