Price Analysis

Cardano(ADA) Price Poised For A 50% Upswing, Will It Hit $3 This Week?

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The crypto space currently is experiencing a sideway trend as major cryptos are shedding their gains. It appears that with the steep plunge in Bitcoin price most of the altcoins also have trembled. But Cardano price still remains away from the crowd as it strongly sustains above $2. Despite the bears trying hard to bring down the levels, yet the bullish momentum prevails.

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As the price successfully marched above $2, many resistance levels were flipped into strong support levels. ADA price is swinging around one such level that resides at $1.905. In fact, the price visited this zone and quickly jumped above to mark a probable recovery. 

Also Read: Cardano Smart Contracts to Launch on 12th September! ADA Price Eyes $5 level!

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The zone between $1.84 to $1.90 was acting as a strong resistance zone. Yet these levels are currently the crucial support levels to be held in order to sustain above $2. Else the price could slip down to the next support level around $1.72. However, the probabilities of a steep plunge appear to be minimal as the ADA price seems to be self-assured of an uptrend. 

Yet a matter of concern currently would be the dipping trading volume and the RSI. The selling volume has a large share in the trading volume and the RSI is currently failing constantly to hit the upper band. The MACD also is not showcasing a strong bullish trend as the buying pressure needs to be considerably high for the Cardano price. 

Also Read: Bitcoin(BTC) Price Below The Crucial Levels, Yet It Could Still Hit $100K By 2021

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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