ADA has bounced back from its consolidation phase with a 5% jump in 24 hours. Cardano(ADA) Price hit an ATH of $1.48 after the announcement of inclusion in the Coinbase pro segment. But plummeted at least 30%, as it could not hold the highs. It entered a consolidation phase of around $1.1.
On March 26, ADA Price broke-out of the descending triangle. Bulls finally won the battle, breaking the crucial resistance levels and reaching the $1.28 level. While penning this article down, ADA was consolidating and was looking healthy at $1.1969 levels, up 5% from the last trading session.
Cardano (ADA) Price – Technical Analysis
The chart indicates a parallel descending pattern indicating bullish momentum. What is more interesting is that the rise in the prices of ADA is observed at a time when Bitcoin is also raising back over $54,000 after consolidating at $53k.
The volumes of trades of ADA exceeded $5.8 Billion worth of transactions in the last 24 hours.
ADA Boasts a market capitalization of $38,289,835,651 and is ranked Fifth by CoinMarketCap among all cryptocurrencies. Fibo Retracement levels show resistance at 0.236 or $1.2012. Bearish sentiment is observed as represented by the MACD indicator.
On a 1 Hour Candle Pattern, RSI(14) levels were at around 53, moderate zone, showing significant room for volume dominated momentum. The moving average(20 & 50) indicates an Intraday perspective short selling. But when looking at daily charts, the indicators show a recovering price rally.
There is a strong possibility that the price will hold above $1.1, forming a consolidation triangle and may blast to $1.5. It can also cross the $1.5 levels and finally hit $1.8 if the trend reversal happens.
On the contrary, if there is an acute reversal and the price breaks down from the supports at $1.18, it could lead the currency to take support at $1.1 and $0.9. The next two trading sessions will decide the direction of the momentum of the ADA prices. But the previous ATH will act as a resistance level. Hence it is an important level to watch.
- Support Levels: $1.18, $1.1 and $0.9.
- Resistance Levels: $1.2012, $1.23and $1.45.
- RSI(14): 53
- MACD: Bearish