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11/15/2021

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Why Is Cardano Stagnant, Will ADA Price Ever Break $2.3 Resistance?

The post Why Is Cardano Stagnant, Will ADA Price Ever Break $2.3 Resistance? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide Many altcoins including Bitcoin and Ethereum, are attempting hard to regain their lost spots....

Why Is Cardano Stagnant, Will ADA Price Ever Break $2.3 Resistance?

Many altcoins including Bitcoin and Ethereum, are attempting hard to regain their lost spots. Yet Cardano price appears to be distinct from the market trend. The ADA price is remaining more or less stagnant while the other assets are surging with notable margins. However, the trend could flip at once as the asset seems to accumulate strength that may erupt the price within no time. 

After the initial jump, the ADA price remained stagnant for a couple of years before it leapt long to hit more than $3. However, ever since the price attained these levels a notable plunge made its way out. Despite the plunge took away a huge share of gains, yet the asset remained above $2 showcasing its strength. Yet it may take a huge leap to range more than 30% in the coming days. 

Source: Tradingview

The asset after trending along with the descending channel for a long time had broken the upper resistance. With the breakout, the price was expected to hit the higher resistance close to $2.5. Woefully, a plunge dragged the price to the current levels, and it is hovering since then. Currently, the descending trend line has flipped into support levels and the ADA price is successfully initiated with a notable rebound. 

With the current bullish momentum, Cardano may also jump to the next resistance level at $2.5. An extreme influx of volume is required in order to uplift the price to these levels. Else the ADA price may keep hovering around the same levels or may also plunge down below $2. Yet in the upcoming days, a major push may uplift the price towards ATH soon. 

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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