A Decisive Close is Required!
Cardano price in recent times manifested immense strength to smash the yearly highs close to $1.47. Yet gets rejected each time the price attempts to surge towards the highs, it experienced a slight pull back. And hence, the price is currently consolidating since it slashed from the yearly highs.
However, the fresh consolidation is expected to give the price an immense boost that could rally the price above $1.5 too. Despite reduced trading volume, ADA price maintained a decent price movement without sliding below $1.1. On the contrary, the price could not get a greater boost to rally high also.
The price since the spike is trading within an ascending triangle and on the verge to touch the foothold of the triangle. According to an analyst Research 24/7, the ADA price is expected to bounce nearly 45% once it touches the foot of the triangle.
Recently, Cardano has achieved a 100% decentralization and on the verge to launch smart contracts.Therefore, once the platform gets a DEX, the most impacted ecosystem would be Ethereum.
Also Read: Lark Davis Addresses 3 Most Common Criticisms Tagged With Cardano
Cardano Price Analysis
Cardano price is currently trading within a narrow range or consolidating strongly since the price crashed from recent highs of $1.29. The asset showcased a less volatility and hence could not surge above $1.24, neither dipped below $1.14.
Despite a very negligible change in the market capitalization, the trading volume has increased notably by more than 8.74% to record $3,009,854,877. Currently, Cardano stands in the sixth place in the cryptocurrency ranking lists according to market cap.
The indicators like RSI and MACD, both are manifesting an uptrend. The RSI is trending with the decent margin and MACD does not signal any specific trade as both MACD & signal lines go hand-in-hand.
At the time of writing, the ADA price is $1.22 with a slight jump of 0.03% in the last 24 hours. Below mentioned are the technical specifications.
- The resistance level of Cardano price is at $1.2751
- The support level is at $1.17
- The indicators of ADA price point out at a buy signal
Also Read: Cardano Mints NFT’s Without Smart Contracts Functionality
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Source: https://coinpedia.org/altcoin/cardano-price-may-surge-more-than-50-percent/
