Price Analysis

Cardano Price gets Rejected at Crucial Levels! Will the $1 Level be Maintained?

Author: Sahana Vibhute

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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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Highlights
  • Cardano was on the verge to clear the upper resistance after receiving a notable push, yet got rejected again

  • Yet the asset is making yet another attempt that can overcome the losses at the earliest which may assist the asset to clear the consolidation

The Cardano price is currently undergoing a crucial phase where-in it is on the verge of breaking through the consolidation. And at the same time, the ADA price is also feared to undergo a serious squeeze that could hinder the rally, compelling it to hover within the consolidation itself. Hence the upcoming hours may be pretty crucial for the asset to determine the next leg. 

ADA price from the past almost a week is consolidating within the narrow ranges without attempting much for a breakout. The volatility rate also reduced to a larger extent and hence appeared to be more or less stagnant at some point.

However, in a recent couple of days, the asset received a good push which rallied the price towards the north. Currently, the possibilities of a rejection appear pretty low in the short term and hence a decent breakout may be pretty much possible. 

  • Cardano price is swinging within a symmetrical triangle from nearly a week and was pretty distinct from the resistance & support
  • However the asset just before the end of previous month is undergoing a downtrend and was about to smash the lower support levels. 
  • The buyers suddenly jumped in and uplifted the price towards the resistance levels, but woefully could not slice through the triangle
  • Despite a small rejection the asset has yet again accumulated a notable momentum to jump above the consolidation and may do so with the next leg up

Collectively, Cardano(ADA) price needs to sustain above the $1.15 levels and continue with the uptrend in order to smash the strong resistance at $1.3. Bears may attempt to hinder the rally, but the buyers currently appear to be in a strong position to defend the price. 

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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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