Cardano announced that it has invested in COTI through its venture fund, which is a blockchain project. This strategic investment came at a point in the Altcoin season. As a result, there are speculations of the rise in ADA soon.
A Netizen expressed her analysis on Twitter about the Cardano and its strong fundamentals. The adoption of ADA for daily transactions could have a positive reaction to the price.
ADA has resorted to consolidation after hitting a high of $1.34 on April 6. Cardano(ADA) has been on a roller-coaster ride since then.
On April 2, ADA Price broke out of the consolidation, reaching the $1.23 level. While penning this article down, ADA was consolidating at the $1.20 level, down 0.77% from the last trading session.
Technical Analysis of Cardano(ADA)
The chart indicates a consolidation pattern. The Bulls seem to be HODLing the cryptocurrency, as they believe it could hit new highs. The volumes of trades of ADA exceeded $6.9 Billion worth of transactions in the last 24 hours.
A chart pattern as suggested by an analyst shows that there could be a correction before the rebound from the support level trendline.
ADA Boasts a market capitalization of $38.17 Billion and is ranked sixth on CoinMarketCap among all cryptocurrencies. Fibo Retracement levels show resistance at 0.236 or $1.20. Neutral to bearish sentiment is observed as represented by the MACD indicator.
On a 30 minute Candle Pattern, RSI(14) levels were at around 32, towards the oversold zone, showing significant room for trend reversal if the Bulls take control.
There is a strong possibility that the price will hold above $1.16, forming a strong base and may blast to $1.5. It can also cross the $1.5 levels and finally hit $1.8 and $2 if the bulls HODL.
On the contrary, if there is an acute reversal and the price breaks down from the supports at $1.14, it could lead the currency to take support at $1.1 and $0.9. The next two trading sessions will decide the direction of the momentum of the ADA prices as the Bollinger Bands are narrowing down. But the previous ATH will act as a resistance level. Hence it is an important level to watch.
Support Levels: $1.2, $1.16 and $1.14
Resistance Levels: $1.18, $1.23, $1.3
MACD: Neutral to bearish