Despite the freefall of the majority of crypto assets, Cardano price remained balanced without shedding much of the profits after hitting $1 for the first time since 2018. As Coinpedia reported earlier that, a big breakout is expected for the ADA price, the price appears to have headed accordingly.
The ADA price is trending within the first resistance levels between $1.01 to $1.06 and may break the levels very soon. However, a strong consolidation above $1 for a couple of days is required to keep the steak intact.
The continue ADA price rally may lead the price back to $1.15 to $1.2 with a massive price breakout which is imminent. Currently, ADA price is in a reversal mode and may rise by about 20% as per an analyst Top AIM Stocks.
Yet according to another analyst, Rekt Capital, Cardano is following a similar pattern as Ethereum. As per the analysts, ADA is in the process of turning its previous full-candle All-Time high into support levels. Hence forming new high levels very soon.
ADA Price Analysis
The ADA price began trading the previous working day with a surge yet again above $1 after a plunge to levels close to $0.8. Yet a major drain out was awaiting shedding the profits by dragging the price again to the levels around $0.8. As it formed a double-dip pattern, a massive breakout was imminent.
And hence, the price again spiked above $1 to attain the current levels at $1.04 with a big jump of 9.13% in the last 24 hours. As mentioned before, the ADA price is trending within the first resistance levels and hence a significant breakout to the levels close to $1.2 may be incoming.
The RSI levels are also trending in a decent range, neither overbought nor oversold, yet attempting to surge with the price. The MACD indicator, however, pointed out towards the buy signal earlier and currently leaping high.
Technical Indicators
- The resistance levels are formed at $1.15
- The support levels are formed at $0.9670
- The indicators for Cardano price points at a ‘buy’ signal
