$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 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.
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:Â 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.
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
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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