Cardano Price Analysis: Will ADA’s sudden bullish push continue its climb beyond $1.4?

• ADA coin price seems to be climbing after breaking out of stagnance over a weekly time frame
• The coin weekly performance went up by 19.06%, while the ADA/ETH pair increased by 2.33%
• However, its record of tumbling down the chart may influence its current growth

The bulls seem to be taking over the Cardano token price. ADA coin stayed neutral before the current turn of events. The market cap of ADA experienced an increment of 5.02%, rounding off at $48.5 billion. The coin with a current market rank of 6 has a market share of 2.03%. The 24-hour trading volume supported the price action of ADA coin price after getting pushed upward by 20.85%. The volume to market cap ratio stands at 0.03932. The ADA/BTC pair saw an increment in its value by 0.07% during the intraday session, and the same happened with the ADA/ETH pair with an intraday gain of 2.33%.

The Cardano hourly chart puts its investors thinking due to its possible bullish climb. The ADA coin stayed bearish for most of the time, and it gained a neutral momentum, as shown in the 4-hour chart. The trend lines appear to form a descending triangle over a weekly time frame, but it can be debunked if the sudden breakout of Cardano coin price occurs. The formation of descending peaks kept the ADA price grounded, but the possibility of a cup and handle may put the token in pumping action. The 50, 100, and 200 MA lines may all run down the CMP candle after staying above ADA for a long time.

Cardano’s Daily Chart projects mixed signals to its investors

The ADA daily chart displays the overall monthly performance of the token. The quarterly growth of ADA coin price went down by 37%. The trend line suggests that Cardano may see growth only in the bounds drawn on the daily chart. The possibility of a breakout with the help of a cup and handle pattern stays limited in the triangle. The MACD line is under the zero level but attempting a climb back- resulting in the current neutral tendency. The RSI lies comfortably in the neutral level, and one can confirm the same by observing the volumetric histogram on the chart.

Conclusion- Cardano will give returns to day traders but may not support its investors’ long-term portfolio. Nonetheless, the low price of ADA may attract new buyers and fuel its trading volume into demand. 

Resistance- $1.9033

Support- $1.0538

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.