Cardano Price Analysis: Investors are Poised to Invest in ADA Coin at a High Level

• After falling from it’s all-time high-level, ADA bounced back to its bullish Incline trendline.
• ADA is testing the 50 MA as a bullish barrier after a bit  of consolidation.
• ADA/BTC pair price is positive by 8.95% at 0.00003219 BTC.

ADA has followed a Bullish Flag Chart Pattern after hitting its all-time high based on the price action of Cardano. Bullish Flag Patterns are formed by breaking out of this channel on the upside with massive volume. If it reaches this upper side level, it can then test the next resistance level of $2.35. When the price reached an all-time high, sellers booked their profits, and ADA fell almost 60% ($1.85). The buyers now seem to be getting more active from here, putting some pressure on the sellers.

This bullish incline trendline has been supported since 22 February 2021 (which means that ADA Coin has not broken the previous low). These recent price movements indicate an attractive bullish prospect for ADA Coin. It will take a significant decline before ADA Coin fall below this trendline.

The live data of ADA is trading in the positive zone by 8.69% at $1.39 as of 16 January at 5.09 PM. Over the past 24-hours, trading volume increased by 32.23%, at $1.727 billion. The ADA/BTC pair price increased by 9.18% at 0.00003224 BTC. The ADA/ETH pair jumped by 9.49% at 0.000419 ETH. ADA has 2.25% market dominance in real cryptocurrency, and the Volume /Market cap ratio is 0.03699.

Do ADA Coin’s Investors Exist?

Since taking support upon 30 levels in RSI, the bullish sign has shown a smooth-up move in the Relative Strength Index, but now RSI is showing 56 levels and may move into overbought territory.

ADA Coin is testing 50 MA as a resistance level in the daily time frame. If Coin succeeds in trading above the 50 MA, then the 100 and 200 MAs will be the upcoming bullish barrier.

Conclusion 

The long-term prospects for ADA Coin seem bullish as it recently retested its critical support level. The coin might test the $1.922 level as a resistance level in further trading sessions, if it is really bullish.

support level- $1.025

Resistance level- $1.922

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.