Price Analysis

Cardano(ADA) Price Registers Early Bounce! But Maybe Still Too Early for the Party!

Author: Sahana Vibhute

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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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Highlights
  • Cardano throughout the bearish weekend stands strong, recording less loss and quickly rebounded as the markets turn bullish

  • The ADA price is currently on its path to surging by 10% to hit $0.5 levels aiming to test $0.65, slicing through the crucial $0.6

Cardano price yet again emerged as one of the stable crypto assets which stood strong amid the recent bearish trend. No doubt the prices slipped a little but the asset has already recovered by more than 50% from the recent losses. Therefore, the ADA price is expected to quickly jump in action, outperforming Bitcoin & Ethereum in the upcoming days.

The past weekend was pretty bearish as the majority of the cryptos including BTC & ETH had slumped hard to mark their respective lows.  At the same time, Cardano avoided steep drops by eliminating massive sell-offs and not letting the selling pressure mount. For this reason, the price remained consolidated within the same parallel channel, it is swinging for more than a month. 

The ADA price, after showing enough strength than the top cryptos, is expected to surge more than 30% in the next 30 to 45 days to mark its presence above $0.65 levels. 

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As mentioned earlier, the ADA price is swinging within a parallel channel and rebounded finely from the lower support amid the recent market crash. The buying volume also appears to be in support of the bulls and hence the price is expected to rise by more than 30% within a month from now. However, much before that, a short-term bounce may be expected that may rise the price by 15% to secure the levels above $0.54 by the end of this week. 

Coming to indicators, RSI is extremely bullish as it is ranging towards the north, approaching the average levels. Here one can expect a minor consolidation until the asset decides upon the next leg depending on the volume. On the other hand, MACD is about to flash a buy signal after a few sell-offs in the past couple of days. Therefore, Cardano’s (ADA) price is believed to remain elevated squashing the bearish impact to hit $0.65 at the earliest. 

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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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