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April 20, 2024
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Cardano Price Surge Continues! ADA Price To Hit $1 In Coming Days?

The post Cardano Price Surge Continues! ADA Price To Hit $1 In Coming Days? appeared first on Coinpedia Fintech News

The top crypto tokens continue to display significant price fluctuations in their respective portfolios, indicating an increase in the price action among the tokens. Further, the top cryptocurrencies record a new high, highlighting a positive price action for the industry in the coming time.

Cardano’s ADA token has successfully regained momentum and recorded a jump of approximately 40% within the past 30 days, resulting in it breaking out of its major resistance level. Further, with its jump of over 26% YTD, ADA price hints a strong possibility of it achieving $1 soon.

Cardano Token On The Verge Of Testing Its Major Resistance Level!

The Cardano price traded in a closed range between $0.5764 and $0.6363 for about two weeks, indicating a weak buying and selling pressure in the crypto industry. As the market volatility grew, the bulls recorded a jump of 13.72% in valuation, after which the bulls faced rejection at $0.6970.

After trading sideways for a while, the bulls regained momentum and recorded a jump of just over 13%, following which the ADA coin displayed a neutral trend for the next few days. After this, the Cardano token recorded a top of $0.7899 where the price made multiple attempts to break out of the resistance level.

ADA Price Analysis
TradingView: ADA/USDT

After multiple failed attempts, the bulls lost momentum and recorded a correction of 19.5% in valuation. Following this, the bulls tested its low of $0.6363 and as the volatility increased, the bulls regained value. After this, the price traded between $0.6970 and $0.7466 for over a week.

Recently, the bulls successfully broke out of the resistance level but the rally was short-lived as it faced rejection at $0.7899. Since then, the price has been trading under a bearish influence.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram, highlighting a decrease in the buying pressure in the crypto space. Moreover, the averages show a high possibility of a bearish convergence, suggesting a negative price action for the altcoin in the coming days.

Will ADA Price Go Back Up?

If the market holds the price above the support level of $0.7466, the bulls will regain momentum and prepare to test its resistance level of $0.7899. Further, if the bulls continue to trade under a bullish influence, it will prepare to test its upper resistance level of $0.8585 by the coming weekend.

Negatively, if the bulls fail to hold the price, the ADA coin price will prepare to test its support level of $0.6970. Moreover, if the bears overpowered the bulls, it will plunge and prepare to test its lower support level of $0.6363 during the upcoming days.

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