Cardano price’s constant attempt to smash the current ATH despite multiple rejections manifest a huge tendency to range beyond the highs
Piercing through the bearish divergence, the ADA price appears to be poised to make new highs above $3
Most of the crypto assets in the market are shedding their gains with a large margin. As Bitcoin price fell below the crucial levels of $45,000and many altcoins tend to follow. Yet Cardano price like each time sustained strongly above $2 despite bears attempting hard drag the price down.
The ADA price clinched new higher highs and surpassed $2 to hit $2.29. However, it failed to become the first-ever asset to regain its ATH post the mid-may crash. But, the price stood strong above crucial zones at $1.91 failing to slide below $2 that signalled the tendency of the asset to surge high.
The daily chart of the ADA price shows an extreme tendency for a substantial bounce. A quick rebound with a huge green candle and a small bearish candle signifies the rising dominance of the buyers. However, the bullish trend can only be valid as the buying pressure mounts up which is missing currently.
Therefore, the asset could reach its target at its ATH in the coming couple of days but a coming couple of hours may be crucial. The hourly chart showcases a little varied scenario that points out towards the retest of the support zone. Despite the dump could be short-lived yet another buying opportunity below $2 may be approaching.
The hourly chart displays the formation of an inverse ‘Cup & Handle’ and following the pattern, the price has already initiated with a dump. The downtrend could continue to retest the support zone between $1.9 to $1.84. And eventually, bounce back to march towards forming a new ATH soon.
Collectively, the Cardano price is showcasing a huge tendency to become the first asset to recover 100% loss incurred from the may crash. However, some pullbacks or corrections could hinder the way but ADA price could slice them to Surge high.