Can Cardano Sustain Bullish Trend?
The post Can Cardano Sustain Bullish Trend? appeared on BitcoinEthereumNews.com. Cardano announced that it has invested in COTI through its venture fund, which is a blockchain project. This strategic investment came at a point in the Altcoin season. As...
Cardano announced that it has invested in COTI through its venture fund, which is a blockchain project. This strategic investment came at a point in the Altcoin season. As a result, there are speculations of the rise in ADA soon.
Advertisement 
A Netizen expressed her analysis on Twitter about the Cardano and its strong fundamentals. The adoption of ADA for daily transactions could have a positive reaction to the price.
ADA has resorted to consolidation after hitting a high of $1.34 on April 6. Cardano(ADA) has been on a roller-coaster ride since then.
On April 2, ADA Price broke out of the consolidation, reaching the $1.23 level. While penning this article down, ADA was consolidating at the $1.20 level, down 0.77% from the last trading session.
Technical Analysis of Cardano(ADA)
The chart indicates a consolidation pattern. The Bulls seem to be HODLing the cryptocurrency, as they believe it could hit new highs. The volumes of trades of ADA exceeded $6.9 Billion worth of transactions in the last 24 hours.
A chart pattern as suggested by an analyst shows that there could be a correction before the rebound from the support level trendline.
ADA Boasts a market capitalization of $38.17 Billion and is ranked sixth on CoinMarketCap among all cryptocurrencies. Fibo Retracement levels show resistance at 0.236 or $1.20. Neutral to bearish sentiment is observed as represented by the MACD indicator.
Cardano ADA price analysis- 30 minutes candle chartOn a 30 minute Candle Pattern, RSI(14) levels were at around 32, towards the oversold zone, showing significant room for trend reversal if the Bulls take control.
There is a strong possibility that the price will hold above $1.16, forming a strong base and may blast to $1.5. It can also cross the $1.5 levels and finally hit $1.8 and $2 if the bulls HODL.
On the contrary, if there is an acute reversal and the price breaks down from the supports at $1.14, it could lead the currency to take support at $1.1 and $0.9. The next two trading sessions will decide the direction of the momentum of the ADA prices as the Bollinger Bands are narrowing down. But the previous ATH will act as a resistance level. Hence it is an important level to watch.
Support Levels: $1.2, $1.16 and $1.14
Resistance Levels: $1.18, $1.23, $1.3
RSI(14): 32
MACD: Neutral to bearish
Source: https://coinpedia.org/price-analysis/ada-cardano-can-it-sustain-bull-run/
Post navigation
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
