Cardano Price Analysis: ADA hits the $1 mark
Cardano’s ADA token has performed strongly, rising by around 40% in the past 30 days, successfully breaking through major resistance levels. The price of ADA has increased by more than 26% this year, with signs that it may soon exceed $1.
Test of major resistance levels
ADA price has been trading in the range of $0.5764 to $0.6363 for about two weeks, indicating relatively weak buying and selling pressure in the market. However, as market volatility increased, bulls were valued at 13.72% higher but encountered rejection at $0.6970.
Price Volatility and Bullish Movements
After sideways trading, bulls regained momentum, recording gains of just over 13%, but encountered multiple resistances at $0.7899. After multiple failed breakthrough attempts, bulls lost momentum and the price retraced 19.5%. However, the bulls regained momentum and the price traded between $0.6970 and $0.7466.
Technical Indicators Outlook
The MACD shows a continued decline in green histograms, indicating declining buying pressure. The averages indicate a high likelihood of a bearish trend, suggesting that the altcoin may see negative price action in the coming days.
ADA Price Outlook
If the market supports the price above $0.7466, the bulls will regain momentum and prepare to test the resistance at $0.7899. On the other hand, if the bulls continue trading, a test of the $0.8585 resistance is likely. On the downside, failure to support the price will result in the price testing the support at $0.6970, and bears overwhelming the bulls will lead to a decline in the price testing the support at $0.6363.
