Price Analysis

This is When Cardano(ADA) Price May Finally Break the Consolidation & Surge Beyond $1.5

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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Apr 11, 2022

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Highlights

    Cardano price appears to be more or less stagnant with a huge reduction in the volatility may be pointing toward the silence before the storm

    ADA price is testing some crucial price zone where-in a plunge from the current levels may drag the asset close to $0.6

With the recent spike in the Cardano price, it somehow managed to jump a level higher but still the upswing remains a little misty. As the price is constantly forming huge lower highs and lows which clearly point to a descending trend. Moreover, the fear of losing $1 haunts the rally which may impact the strength to a large extent. And hence the price could eventually swing below $1 for an extended period. 

The ADA price broke out from its long-term falling channel and was able to close above the key levels around $1. However, while the uptrend was on the verge to stabilize, a consolidation followed by a notable plunge hindered the rally. Furthermore, the price is on the verge to test one of the crucial levels that may certify with the upcoming trend. 

Also Read: Attention Traders! Crypto Space to Ignite a Massive Bull Run, Bitcoin(BTC) Price to Hit $140K by the End of 2022

A popular analyst points out the perfect time to buy Cardano, which is along with the immediate support levels just below $1 at $0.99. The analyst believes the price may drop hard to these levels and with a successful attempt of a rebound may hit the required resistance. Moreover, this may be a good time to accumulate ADA below $1 and probably the last time to buy at these levels during the current cycle. 

Therefore, now when the markets are making a retracement to retest its previous resistance flipped to support levels, the buying volume at these levels may confirm the upcoming trend. The uptrend could elevate the price initially towards $1.5 and later test $1.6 levels. Conversely, if the asset fails to hold on to these levels, then the plunge may drag the price to as low as $0.6 to $0.55 levels yet again. 

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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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