NFT

Cardano Price Analysis: ADA Is Looking For 38% Upswing


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

 

– Advertisement –



Source link