Price Analysis

Whales & Institutions Hinting at a Massive Cardano (ADA) Bull Rally, Will the Price Hit $3 in Q2?

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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Mar 30, 2022

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Highlights

    Cardano has yet again became much popular with more adoption and accumulation aim to strengthen the ecosystem

    The upcoming spike may nullify all the odds and uplift the price towards the immediate highs and further may attempt to surge towards the ATH

Cardano(ADA) Price Analysis

The Cardano price had maintained a huge descending triangle which was been broken of lead leading to a massive price surge. Woefully, the price could not test the resistance at $1.2 as the buying volume evaporated a little. However, after a small upward swing, the ecosystem witnessed an increasing adoption and accumulation. Moreover, the ongoing trend clear signifies a massive move is yet to register.

With the recent flip, the ADA price has maintained a significant uptrend along the line. Currently, capped in between the 0.5 & 0.786 FIB levels. With a significant push, the levels may surpass the 0.5 level and slice through the immediate resistance at $1.247. Moreover, if the price is successfully breached $1.3, then the hope of an uptrend may settle. This may further lead to the pivotal resistance close to $1.5 which may ignite an interim bull run. 

On the other hand, the whales are accumulating the asset at a higher pace. As the network has increased by 1.7%. Nearly 42 addresses hold 1,000,000 to 10,000,000 ADA and this happened just after March 21, when the asset flipped the bears. And hence the whales hold nearly $12 million in ADA coins. Also, the on-chain transactions are propelling more than $100K after increasing 50x in 2022, a possibility of institutional interest emerges. 

Cardano(ADA) Technical Analysis (Short Term)

Technical Indicators

Indicators ValueAction
Relative Strength Index(RSI)45.97Neutral
MACD-0.003Neutral
Average Directional Index(ADX)23.45Buy
Average True Range(ATR)0.012Less Volatility

The RSI & MACD are currently neutral which indicates a healthy consolidation within a small range. Importantly the price rally strength is pretty strong with less volatility and hence it may withstand any turbulence if occurred. 

Pivotal Levels

Pivotal LevelsValue
Moving Average(MA)-50$1.20
Moving Average(MA)-200$1.122
Resistance$1.247
Support$1.185

The Cardano(ADA) price is $1.186 and is currently very close to the immediate support at $1.185. Ans hence a high possibility of retest towards these levels may be imminent where-in a significant rebound could may it’s way out. 

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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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