Price Analysis

Cardano(ADA) Price Manifest Possibility of a Breakout, Will it Reach $1.5 At Least Now?

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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Dec 21, 2021

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Highlights

    ADA price is attempting to break the upper resistance with a decent amount of trading volume piling up.

    The asset could head strongly towards the immediate upper levels any time yet the rally depends heavily on BTC price trend

The crypto space is undergoing immense uncertainty as the most dominant crypto is displaying a confusing rally. Huge variations in the price indicate the uncertain behavior of the traders as they might not be very much sure of the upcoming rally. However, the best part is, despite the misty environment, yet the assets do not stop their attempt in breaking the consolidation. And hence currently after a prolonged effort, Cardano(ADA) price is also all set to slice through the consolidation to move higher. 

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Cardano (ADA) Price Forecast

The Cardano price after a pretty long time is attempting to smash the upper levels of the channel. As the BTC price is raising slowly gathering huge bullish momentum, ADA price is also following and ranging high at a larger pace. Yet a slight correction after each surge haunts the uptrend. Moreover, currently, the selling volume has diminished to a notable extent and hence one can expect a good rally in the upcoming hours. 

Trading View
  • The ADA price is hovering along the descending parallel channel from quite a long time and also remained at the lower levels failing to attempt a breakout
  • Cardano after being stagnant for a couple of days, is slowly heading towards the upper levels and could possibly slash through these levels very soon
  • Currently, the asset is experiencing a slight pullback, yet the selling volume appears to be comparatively less than that of the buying. And hence a quick rebound might be pre-programmed
  • The price is much above the levels from the previous daily close and hence if in case the asset slashes also, the price would still be bullish
  • The RSI is following a decent uptrend and heading towards the upper resistance levels. As these levels pierce through the upper resistance, the ADA price may also breakthrough the descending trend
  • The MACD is also showing a bullish trend as the buying volume is getting accumulated heavily.

Collectively, Cardano after a long time is displaying a bullish trend, slicing through the consolidation. Technicals also suggest a notable flip may be fast approaching as the ADA price could go parabolic from the current levels at $1.263 very soon. However, the asset is known to be slow yet steady, therefore any quick jumps may be avoided to undergo a sustainable rally. 

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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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