Saturday, October 23, 2021
Home Crypto News Analysis Cardano Price Prediction: ADA Bulls Need To Show Up As Bears Are...

Cardano Price Prediction: ADA Bulls Need To Show Up As Bears Are Defending $1.45 Resistance

- Advertisement -

$1.45 is acting as a strong resistance as ADA Price is continuously Rejected by this Key Resistance. ADA price is stuck in up in ascending channel for 2 weeks, and 25 moving average on 4H chart is acting as a strong support.

Read: Cardano Founder Update On Alonzo



cardano price prediction 9-1-21

Cardano has been stuck in the 20 cent range for nearly 2 weeks as traders seem unable to break out.

ADA price action has turned bearish over the past 2 days as Bitcoin failed to break higher. Many small altcoins have risen over the past few days, but big caps remained the same.

If BTC fails to gain a foothold above the $35,000 price region, cryptocurrency market can fall as a whole.

Cardano (ADA) price action has generally been weak since it touched $1.01 lows on June 22.

ADA price has created an upward channel that provided support for the bulls and resistance for the bears. As the time of writing, ADA price is touching the bottom line of the ascending channel.

stromgain

Failure to hold major support of $1.30 to $1.35 will break the two week long ascending channel downwards and can push ADA price to June 22 low of $1.01, which is not a good scenario.

Read: Cardano Price Analysis: Key Support Levels To Watch As ADA Is Battling at Critical Support

For bulls ADA should break and push through its mid-term trend line (shown in black). If this trend line is broken ADA price can move upward to face strong resistance at $1.45 price range.

ADA 200 Moving average on 4H chart has not been touched since the start of 2021. If there is downward break of the ascending channel, 200 4H moving average will provide support. 200 moving average on 4H is present at $1.09, which is ADA demand zone and previously investors have heavily purchased cardano in $1 to $1.10 range.

If BTC falls sharply then things can go worse as altcoin follow BTC in price movement. But if we look at Cardano ecosystem, there is so much going on. In Cardano Foundation Long Term Plans, foundation announced to Onboard Ten Fortune 500 Companies,1 Billion Users, And 50 Banks in five years.

Read: Cardano Foundation Long Term Plans



Grayscale that is Leader in Digital Currency Investing announced that they have added Cardano to there Crypto trusts and Cardano became the Grayscale third-biggest holding with a 4.26 percent share, only behind BTC and ETH.

Read: Grayscale Adds Cardano To Their Product Family

Also Cardano is the leading the stake able digital assets in front of ETH 2.0, Polkadot and all others, with more than 70 percent of total cardano supply locked in ADA network for staking.

Read: Cardano Gets On The Top Of Stakeable Assets List With More Than 70% Of Total ADA Supply Is Now In Staking

Such strong fundamentals show that there are high chances cardano will outperform other digital assets in long term.

  • Spot Price: $1.33
  • Volatility: Medium
  • Trend: Neutral
  • Support: $1.35, $1.01
  • Resistance: $1.45

 

- Advertisement -
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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Transient Raises $1.2 Million in IDO Public Sale to Build the Amazon of Smart Contracts

Tortola, British Virgin Islands, 22nd October, 2021, Transient Network, a Smart Contract Global Marketplace, is thrilled to announce that it has raised $1.2 million...

Binance Smart Chain Is Bringing Fee-Burning Mechanism Like Ethereum

The Binance Smart Chain (BSC) has published a proposal to improve the BEP-95 ecosystem, This new mechanism will be similar to the Ethereum chain...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.