Cardano Price appears to have to fall from the wedge pattern and the previous day highs of $1.29.
Despite many dumps, the ADA price sustained above $1 successfully over a month manifesting a bullish trend
Cardano Price Failed to Smash the Upper Resistance
The Cardano price had initiated a bull run on the previous trading day and broke the much-awaited wedge pattern. The price then rallied above $0.12, which is the strong resistance levels yet failed to break these levels to continue with the uptrend.
Yet, interestingly, despite a steep drop in the price, the ADA price sustained above $1 for more than a month now. And hence showcasing a strong bullish momentum. The other reason for the steady approach may be the maximum ADA being staked on the platform. Nearly 70% of the circulating supply is being staked.
The Cardano Alonzo hard fork event which is looked at as the crypto event of 2021, is expected to go live very soon. Also, Cardano soon will be incorporating the Smart contract, which s expected to go live in April. And hence a pre-event buying pressure may scale the price unprecedently. Therefore, the price is expected to go parabolic as it happened in 2017 Q3 & Q4.
Also Read: Will Cardano 360 Prove Worth the Hype?
Price Analysis, Will It Smash $2 Or Even More?
The ADA price maintained a well bullish trend since the beginning of Februvary 2021. Since then the price movement was above the 50-day MA. However, it was on the verge to break these levels at $1.02, yet bounced back to the current levels.
Considering the indicators, the RSI indicators are trending in a decent range in the current month and slowly moving towards the north in the press time. The MACD, the MACD line is on the verge to surpass the signal line in order to indicate a buy signal.
At the time of writing, the price is $1.21 with a jump of 7.03% compared to the previous trading day. The asset stands in the fifth position with an increase of 7.05% in market capitalization of $38,725,786,211. The volume also has experienced a jump of 10.95% to register $6,087,361,302.
- The resistance level for Cardano price is formed initially at $1.29 and later at yearly highs at $1.457
- The support levels are formed at $1.09
- The indicators for ADA price point out towards a buy signal
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