After touching the crucial $40k milestone, Bitcoin fell, dragging on the overall sentiment towards Altcoins. The majority of Cryptocurrencies are trading in the green, with ADA now trading at $1.29. Cardano appears to be struggling with the upswing after achieving a price barrier of $1.4.However, the uptrend was short-lived, and ADA fell down to $1.25 levels.
Well, one thing is certain that the price of ADA Token has recently seen a surge in demand near the $1 support level. The third and final phase of Cardano’s Alonzo update, dubbed purple, has begun and is also anticipated to be completed by the end of next month.
The Plutus application’s backend is written in Javascript, and the developers are working on adding support for web browsers and mobile devices. Cardano’s smart contracts will now be compatible with web browsers.
The coin price can support the $1.15 and $1.20 levels, according to the pivot point standard. If bulls maintain their momentum, the price might approach $2.
Cardano’s price is currently trading at $1.29 and on the upside. The first big resistance ADA must overcome is at $1.30, followed by $1.36. The gates to the significant $1.40 level open up after breaching both of these levels.
On the downside, $1.20 is the first support level, followed by $1.16 and $1.10.
The majority of the moving averages and the momentum indicator on the 4-hour chart point to a strong bullish bias.
Furthermore, all of the important EMAs are increasing, indicating a substantial likelihood of bullish crosses. Bears appear to be gaining traction on the four-hour chart, according to the Relative Strength Index (RSI).
The Moving Average Convergence Divergence (MACD) indicator, on the other hand, displays a bullish impulse, indicating that bulls have the upper hand.
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Source: https://coinpedia.org/price-analysis/ada-price-analysis/
