Price Analysis

Cardano Price Awaiting For A Trigger! $5 Appears Imminent If The Spark Is Set In Place

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Highlights

    Cardano price is trending along the downtrend line yet forming constant higher lows in order to smash the immediate resistance

    The price is yet to confirm with the trend reversal, however, following an healthy accumulation, a breakout could be well set in place

Ever since Bitcoin price has managed to gain much traction, the bulls appear to be much in a strong position. Also, the majority of crypto assets are slowly gaining immense bullish momentum to spike towards the north. As assumed by many, Q4 has always been a better quarter for the asset which ignites the Altseason. 

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Currently, ADA price is trending within a decisive phase, where-in the probabilities of either bulls or bears taking control is almost equal. A coming couple of hours could possibly decide the upcoming direction of the price. As ADA price despite multiple crashes and extreme sell-offs, stand strong above $2, and hence is one of the strongest support zones. 

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Source: Tradingview

Since the beginning of the present trading month, the bulls and the bears both possess equal strength. And therefore, the price also remained within small braces but above the strong support levels. However, if the price manages to hit the upper resistance at $2.463 then the bull would get activated. Else if the price plunge reaches $2.182 the possibility of the bears dragging the price below $2 appears high. 

Adding to the substance, the technical indicators remain distinct from the bullish scenario at the press time. The Cardano price needs to validate the trend reversal from consolidation and later the buy would be activated. Overall, the upcoming couple of hours could be very important in order to determine the daily close. Once the ADA price closes above $2.4, a notable uptrend may be on the horizon. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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