Price Analysis

Cardano(ADA) Looking for a Breakout, A Scalp to $1.23 May be Extremely Possible!

Written by: Sahana Vibhute

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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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Feb 7, 2022

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Highlights

    Cardano price after breaking above the consolidation is maintaining a similar uptrend despite a considerable plunge, signifying the probable beginning of the next leg up

    The ADA price is testing crucial levels where-in a small wrong move may result in the asset fall prey to the bears yet again

The Cardano(ADA) price had plateaued after falling down from a huge mountain. The top 6th crypto asset in recent times has accumulated significant gains and may continue surging high testing upper price zone. In the short-term the asset may face an interim drop, yet in the long-term, ADA price is extremely bullish. 

The ADA price ever since achieved the highs beyond $3 maintained a notable downtrend, hovering within a descending parallel channel. The price kept swinging within the descending channel for a pretty long time, throughout Q4 2021, unable to find the lower support.

However, with the recent flip that it maintained for a longer time, it appears that the ADA price has finally rejected the downtrend completely. 

The ADA price has reversed its trend after hitting the middle bands of the descending parallel channel and flipped notably.

The current uptrend appears to escort the price towards the immediate resistance at $1.48 which may continue to surge beyond $1.6 and eventually hit the crucial resistance at $2.1 surpassing $1.90 levels.

However, now it’s pretty important for the bulls to remain active as if the bears get a chance they may take back the power again.

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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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