Cardano price sustains above the support levels at $1, manifesting greater strength to reach higher levels
The price bounces towards the upper barrier levels, without entering the lower area of the channel
Cardano price currently, has flipped the downtrend that initiated since the previous trading day. A notable plunge has dragged the price from $1.39 to $1.19, however, a fresh surge marks the altcoin as the most competent of all.
The price, despite massive sell-off, failed to tank below $1 despite the highs around $2.4. No doubt, ADA price like the other crypto assets, dipped with a huge margin after reaching highs. The support levels yet remained unchanged since the steep fall of mid-may 2021.
The ADA price is currently following a descending parallel channel. And the most interesting part is, the price remained within the upper zone of the channel to a large extent. On the other hand, the corrections did not compel the price to dip beyond the lower support zone. And hence one can say the ADA price rally is amongst the most consistent rallies ever.
The current trend may not last long if the upper barriers of the channel are broken at the earliest. These resistance levels at $1.4 need to be visited in order to propel towards the next target at $1.5. However, the current trend suggests a long way still to go before the price reaches these levels. Yet, the crypto space is full of speculations and anticipations that may propel the price in a blink of an eye.
- The resistance levels are at $1.41
- The support levels are at $1.20
- Indicators point out at a sell signal that could flip towards buy soon
- Cardano price at the press time is $1.25 with a drop of 5.34%