Price Analysis

Here’s is When Cardano (ADA) Price May Rise High by 20% to Hit $0.64 

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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Aug 17, 2022

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Article Highlights
  • After the recent price drop from the immediate resistance, ADA price is trying to recover from the recent downswing occurred in the past couple of days

  • The asset is now in search of a support that could hold the asset firmly and upon a rebound, the upswing may rise the pice close to $0.7

Cardano’s (ADA) price action was pretty bullish but the recent price actions had significantly dropped the price within the same descending triangle again. The traders are currently waiting for the confirmation of the ADA price trend and awaiting for the bulls or the bears to display their dominance. 

Considering the present price movement, the possibility of a correction appears to be pretty high and may drag the price below $0.55 which could rise the price beyond $0.687 ahead. 

The ADA price has faced huge barriers within its rally before as the monthly resistance is decremental. Therefore, following a bullish pattern, the asset is expected to slide down heavily as an outcome of a double-top pattern. 

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Presently, the asset has initiated its attempt to rise beyond the lower consolidation but the bears have hindered the rally just below $0.6. As mentioned before, the price may re-enter the bearish triangle amid the recent sell-off. Further, a notable upswing may prevent the asset to drop towards the lower support below $0.5 and ignite a firm rebound ahead. 

While the daily RSI is displaying a bearish divergence, the MACD remains bullish with a considerate volume of buying pressure. As the asset remains swinging within a bullish formation, the possibilities of a strong surge over the markets. Therefore, in the coming 24 hours, ADA price

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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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