Thursday, October 28, 2021
Home Crypto News Analysis Cardano Price Analysis: ADA Is Looking For 38% Upswing

Cardano Price Analysis: ADA Is Looking For 38% Upswing

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Cardano price is consolidating between two converging trend lines, which show that a volatile move is coming soon.

Read: Alonzo White Testnet Can Go Live Soon Plus Cardano Hits New Milestone As ADA Crossed 660K Staking Addresses



ADA 4-Hour candle closing above $1.40 will confirm an uptrend but a break down below $1.20 would signal downtrend.

Read: For the First Time Ethereum Crossed Bitcoin in Address Activity

ada price analysis 29-6-21

Cradano is facing a downtrend since June 3 without making any higher highs which show that bear are in control. As ADA is trading in a tight range between two trend lines, it show a massive breakout is coming. Such development mostly result in massive moves, as this breakout can go either way.

 

stromgain

In bullish case, a breakout would push ADA price to $1.50, where 200 day moving average (Shown in Red) is waiting to act as a resistance. This is 11% increase from currently trading price of $1.3360. But as ADA price is consolidating in between two trend line for some days, we can expect a move more than 11%. In such a case ADA price can visit $1.80, which is 38% increase from the current price. $1.80 is acting as a strong resistance since 20-5-2021, so crossing $1.80 will not be easy for bulls.

Read: ADA Pay Continues to Grow As COTI Powered Wolfram Alpha Adopt ADA Pay For NFT Auction

In bearish case if price falls below the trend lines, we can see a sharp decline. First ADA support will come at $1.20, If $1.20 is unable to act as support we can visit June 23 lows of $1.018.



At the time of writing over all crypto market is doing good, with ETH trading above $2000 and BTC above $35000. Under such favorable condition there are high chances that ADA price will break upward to touch $1.50 and then $1.80.

Read: Another Big Cardano Partnership on The Cards As Charles Hoskinson Is Planning El Salvador Visit

Resistance: $1.40, $1.50

Support: $1.20, $1.018

 

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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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