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Cardano Price Analysis – Will ADA Price Hit $1.5 Again?

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.

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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 chart

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

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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