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Home Cryptocurrency

Cardano Price About to Break the Upper Barriers

by souhaib
February 24, 2021
in Cryptocurrency
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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. 

#Cardano #ADA in a reversal mode as an accurate technical indicator flashes “#buy” $ADA
Cardano price sell-off reverses as Tom DeMark Sequential indicator flashed a buy signal.
A six-hour candlestick above the supply barrier at $1 could see ADA rise 20%. pic.twitter.com/MStcUnvRbI

— TOP AIM STOCKS (@smallcappick) February 24, 2021

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.

Cardano ADA Price

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





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