While the meltdown continues, all digital currencies are falling to new lows which have not been seen since the bull market began. The negative impulse structure, on the other hand, predicts that prices will continue to fall. In the midst of the ongoing correction in the crypto markets, ADA is one of the few coins that has held up.
Following the current sell-off, Cardano price fell 30%, resulting in a local low of $1.01. Since then, ADA has increased about 24% to $1.243, where it presently rests. The price of the “Ethereum killer” is expected to increase to $1.451.
The increase in new addresses joining the network from 786 to 968 between June 20 and 22 lends credence to the bull rally. This 23% increase indicates that investors are eager to buy ADA at the current price.
Benjamin Cowen is all Optimistic for Cardano Price!
Looking at the chart, he says that ADA made a rise to $1.20 in late February, and it’s essentially been the same since then, with the exception of this tiny surge back up to the upside. With ADA shifting sideways it means that it has outperformed other Alts.
On May 16th, cardano hit a high of $2.45, but has since lost over half of its value. It dropped as low as $1.00 yesterday before rising to $1.27 today. According to CoinGecko, it has increased by 5.50 percent in the last 24 hours.
ADA has shown resilience, according to Cowen, despite the enormous losses. Given the current market conditions, Cowen feels that it is continuing to perform very well, and also believes this merely adds to the evidence that it is one of the market cycle’s main racehorses.
ADA Price Analysis
Cardano is making positive moves after rebounding above current support. At present, a retraced candlestick body tested the 61.8% Fibonacci retracement level. The retracement indicates that ADA will rise to the level 1,618 Fibonacci extension or level $1.37.
Major Resistance Levels – $2.00 and $2.20
Major Support Levels – $1.60 and $1.40