This is When Cardano(ADA) Price May Finally Break the Consolidation & Surge Beyond $1.5
The post This is When Cardano(ADA) Price May Finally Break the Consolidation & Surge Beyond $1.5 appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide With the recent spike in the Cardano price, it somehow managed...
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.
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.
Was this writing helpful?
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.
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!
