Price Analysis

Grayscale’s Portfolio Inclusion Propels Cardano Price Higher!

Highlights

    Making a major move, Grayscale includes Cardano in its portfolio making it the third-largest holding

    In the times when the entire crypto space is dipping again, Cardano price stabilizes itself and flips the bearish divergence

Cardano, with its steady price movements, always maintained its position within the top 10 cryptocurrency rankings. The entire crypto space is experiencing a notable dip, however, ADA price being away from the crowd has already pulled a green dildo to flip the bears. The Cardano price that maintained a sideways trend since the early trading hours, recorded a notable jump.

A series of positive rounds surrounding the asset could have uplifted the price to the current levels. With a huge blow to the Cardano ecosystem, one of the popular and leading digital asset management funds, Grayscale announced that it adjusted its portfolio to include Cardano. And thus, the asset is now the third-largest holding in its portfolio.

Moreover, one of the digital lending platforms Nexo integrates Cardano enabling the holders to borrow and earn from their ADA holdings. Moreover, the count down for the Cardano Smart Contracts has already begun. With many positive rounds of news surrounds the assets, will it eventually impact the price? If yes, will it regain the levels above $2?

Also Read: Ethereum, Cardano, or Solana, Who Will Win the Smart Contract Platform Race?

Cardano Price Analysis

Cardano price is one such asset in the entire crypto space which omits heavy pumps and dumps. It may be because nearly 70% of the total supply is being staked on the platform. Or the immense bullish sentiments within the holders as well as the traders within the ecosystem.

Moreover, the positive developments could also help to uplift the price to visit higher levels. Yet a slight pullback may also make its way out within the rally. Currently, the price has successfully broken out from the ascending triangle and also flipped the 50-day MA at $1.33. Yet the bull rally can be validated once the price crosses the strong resistance levels at $1.38, else it may mark as a fake breakout. 

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In the worst case, if the price fails to sustain at these levels, then a plunge to the nearest support levels around $1.31 would be imminent. Considering the previous price movements, steep drops may not be on the cards, yet small corrections could occur at regular intervals. 

Technical Specifications

  • The resistance levels are at $1.38
  • The support levels are at $1.31
  • Indicators have flipped from a sell towards neutral and very soon may point out towards a buy signal
  • The Cardano price at the press time is $1.34 with a jump of 0.84%.

Also Read: Cardano Price in Crucial Zone, Will ADA Price Rise High Or Plunge Heavily?

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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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