Price Analysis

Cardano Price Rejects The Lows, Has The Bull Market Began?

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Highlights

    Cardano price yet again showcased immense bullish momentum by rejecting to plunge below the strong support area

    The constant attempt to slice through the immediate resistance levels could assist the price to range towards the north

The Cardano price had followed a constant downtrend since the beginning of the current trading month. However, the ADA price successfully held through the strong support levels and is on the verge to take off soon. Yet the daily candles do not appear strong that are necessary for a bull run. And till then a slight uptrend followed by a consolidation would be the only option.

Despite bulls eased the strong selling pressure, yet failed to build an equal buying pressure and hence the price is finding it hard to penetrate $1.20 levels. Hence it would be very early to confirm with the uptrend as the probabilities of visiting lower lows yet haunt the rally. 

cardano chart

Once the price smashes the immediate resistance levels then a notable uptrend can be termed. However, the uptrend will be valid on achieving the strongest resistance levels around $1.499 or $1.5. After ranging above these levels, it is mandatory to hold above in order to initiate a bull run. Else a fake-out may drag the price yet again by flipping the support levels into resistance.

However, despite a positive scenario, yet the possibilities of following a downtrend may also be fast approaching. As per some reports, the ADA worth more than $4 billion was bought when the price was around $1.19 and $1.27. And hence the rally will flip into bearish as more traders may extract their profits as soon as the rally hits $1.5. And hence a substantial pullback may also be on the way.

The volume for ADA price has dried off, compared to that of the bull run in early 2021. However, the whales and bulls appear to have restricted themselves for the right opportunity to jump in. And if the selling pressure at $1.5 is not built, then the bulls may take control back. And eventually, propelling high close to $2 initially and flowing the market predictions would be imminent for Cardano 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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