Price Analysis

Cardano Price Breaks out Above Key Level! ADA Poised to Hit $1.85 Soon?

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The Cardano price had firmly bounced from the 200 DMA at $0.9861 and is seeking to clear the 100 DMA at $1.4317 at the date.

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After failing to clear the 100 DMA on the first attempt, ADA Price lost 20% in the next two days and even plunged further. Cardano has now risen above the trend line once more, thanks to the strength of the broader crypto market.

ADA broke above a crucial bearish trend line with resistance near $1.30. Now it is consolidating gains near the 76.4 percent Fib retracement level of the major slide from the high of $1.46 to the low of $1.01.

The next resistance was near the $1.35 level, which ADA has breached successfully. It is now trading at $1.37 up by 2.8% in the last 24hrs. This price action hints at a possible big surge soon.

The next major resistance is near the $1.45 level. A closure above the $1.35 and $1.40 levels could pave the way for a long-term uptrend.

Also Read : Cardano will Keep up The NFT Craze! Many Incoming Collaborations for ADA!

ADA Price Could Potentially Hit $1.85

Now that key resistance levels have been breached, the next level for ADA to secure its upward momentum must be established. Chiming in on this is the popular crypto analyst and trader Micheal Van de Poppe.

In a recent tweet, Poppe suggests that if ADA breaches the $1.37-$1.41 zone, the next level will be around $1.60. Furthermore, a surge to $1.85 will be plausible.

Another analyst who is big on Cardano is the pseudonyms trader Capo. In a recent tweet, he said, Cardano looks so promising that he is selling all his ETH to buy ADA.

“Selling the rest of my ETH for ADA It’s one of the best-looking majors.”

Not to forget, the Cardano blockchain has reached a new milestone, as its total staking addresses pass the 650,000 mark. In the last 3 weeks, it has added more than 50,000 new staking addresses. An increase of more than 8% since the beginning of June.

The overall developments on the Cardano blockchain and the wider crypto market sentiment hint at an uptrend. Hence, a further price climb to new highs appears to be a distinct possibility.

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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.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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