Price Analysis

Cardano(ADA) Price Attempting Recovery, Will It Get Back On Track?

Author: Sohrab Khawas

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    • Cardano price appears to have initiated with a recovery from the terrible end of the year bleed

    • While all other altcoins are expected to go parabolic in the Q1 2022, ADA price is also no exception

    With the Christmas bells around the corner, most of the crypto assets appear to have been initiated with a Santa rally. And hence Cardano not remaining away from the crowd has also jumped out of the bearish divergence. Interestingly, the ADA price remained unimpacted with most of the positive and negative market sentiments and continued with a consistent downtrend, yet maintained well above $1.2. 

    The ADA price began the present day’s trade on a bullish note with the price swinging out of the pattern. However, with a recent flip, the ADA price broke through the descending parallel channel after consolidating within very small regions for 3 to 4 days. And hence the path towards $2 now appears a little clear as the bulls may take over the rally at the earliest. 

    The ADA price on the longer time frame is testing the local resistance just above the current levels at around $1.33. However, the uptrend needs to be maintained and the important resistance levels that reside along the 200-day MA around $1.8 need to be cleared to validate with the bull rally yet again. No doubt the bears may quickly jump in action, yet the bulls are expected to support the price at their best. 

    Collectively, Cardano price has also shown some signs of bullish momentum through the recent flip. Yet the flip also cannot be confirmed until and unless a couple of green candles accumulate and the ADA price slices through the $1.5 levels. As the probabilities of a fakeout may also hover. Therefore, no matter the pace may be slower yet a steady uptrend is the need of the hour for Cardano.

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