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July 23, 2024
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Cardano Bulls Are Gearing Up: Will They Push the ADA Price Beyond $1?

The post Cardano Bulls Are Gearing Up: Will They Push the ADA Price Beyond $1? appeared first on Coinpedia Fintech News

The third-generation crypto, Cardano, has been trying hard for a long time to remain under bullish influence, but a drop in the trader’s interest has been a major hindrance. Moreover, the latest pullback, which dragged the levels from over $0.8 to $0.57, squashed all the bullish claims. But the upswing that followed after the rebound kept the bullish hopes of reaching $1 retained. 

Cardano, the 9th largest crypto, is currently trading with a rise of over 2%, priced at nearly $0.6565, a level at which it faced a major setback in the previous days. The current trade setup suggests the bulls are on the verge of pushing the ADA price closer to $1 resistance as it represents a significant concentration of ADA holdings. Depending on market sentiments and trading conditions, these levels may act as a barrier or else launch a fresh bullish spell. 

As per the data from Intotheblock, nearly 3.47 billion ADA were bought by 185,980 addresses at an average price of $0.70. These levels can be considered pretty important, as they acted as strong barriers before. Hence, after multiple rejections and an extended price squeeze, the price is expected to undergo a notable upswing, that may test higher targets. 

If the price manages to break the levels between $0.65 and $0.74, then the bulls could take over the next key range between $0.74 and $0.108, where 1.76 million ADA was bought by more than 444K addresses at an average price of $0.913. However, to do so, a rise above $0.66 is extremely important. 

The latest price action has propelled the levels within the crucial price zone and an extended bullish push could cause the price to pierce through the resistance and support levels of the rising wedge. On the other hand, the price appears to have accomplished the correction of the wedge and hence may be prone to a healthy upswing towards higher levels. The rising RSI substantiates the bullish claim. Therefore, a bullish quarterly close may certify a bullish breakout and trigger a rise beyond $0.75. 

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