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Cardano Price on the Verge of Breakout ? How and Where will ADA Price Head Next?

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The $1.50 barrier is proving to be a stumbling block for Cardano’s price. ADA’s price has broken through the $1.40 barrier, and strong bullish momentum has propelled it towards the $1.48 level.

For the first time in over a month, ADA’s breakout above $1.40 saw the price collapse its 50 percent Fibonacci Extension. 

It is due for a smart contract update, which has the potential to drive up its price even further. 

As more people get interested in smart contracts and the token is purchased by a large number of investors, we may expect the price of ADA to rise as the upgrade begins to roll out.

At the time of publication, ADA’s price had risen by 1.57 percent to $1.48. Cardano’s price surged 18 percent in less than four days, piercing the supply zone that runs from $1.44 to $1.5.

There is a potential that the barrier at $1.50 will be broken and the price will go to $1.90 in the near future. The resistance levels are $1.57 followed by $1.75. On the downside the support levels are at $1.45 and $1.36

On August 7th, the RSI broke out of the neutral zone and into the overbought zone, but it has since returned to the neutral zone.

The indicator is currently trading above the 65 mark and moving upwards, indicating that the current price level is bullish.

ADA in Japan!

Cardano (ADA) has just become one of the few currencies to be approved for listing on Japanese crypto exchanges.

“although you weren’t tracking this one, I would say this is comparable to Coinbase listing news for the JP community”

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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.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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