The top crypto tokens continue to display significant price fluctuations in their respective portfolios, indicating an increase in the price action among the tokens. Further, the top cryptocurrencies record a new high, highlighting a positive price action for the industry in the coming time.
Cardano’s ADA token has successfully regained momentum and recorded a jump of approximately 40% within the past 30 days, resulting in it breaking out of its major resistance level. Further, with its jump of over 26% YTD, ADA price hints a strong possibility of it achieving $1 soon.
Cardano Token On The Verge Of Testing Its Major Resistance Level!
The Cardano price traded in a closed range between $0.5764 and $0.6363 for about two weeks, indicating a weak buying and selling pressure in the crypto industry. As the market volatility grew, the bulls recorded a jump of 13.72% in valuation, after which the bulls faced rejection at $0.6970.
After trading sideways for a while, the bulls regained momentum and recorded a jump of just over 13%, following which the ADA coin displayed a neutral trend for the next few days. After this, the Cardano token recorded a top of $0.7899 where the price made multiple attempts to break out of the resistance level.
After multiple failed attempts, the bulls lost momentum and recorded a correction of 19.5% in valuation. Following this, the bulls tested its low of $0.6363 and as the volatility increased, the bulls regained value. After this, the price traded between $0.6970 and $0.7466 for over a week.
Recently, the bulls successfully broke out of the resistance level but the rally was short-lived as it faced rejection at $0.7899. Since then, the price has been trading under a bearish influence.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram, highlighting a decrease in the buying pressure in the crypto space. Moreover, the averages show a high possibility of a bearish convergence, suggesting a negative price action for the altcoin in the coming days.
Will ADA Price Go Back Up?
If the market holds the price above the support level of $0.7466, the bulls will regain momentum and prepare to test its resistance level of $0.7899. Further, if the bulls continue to trade under a bullish influence, it will prepare to test its upper resistance level of $0.8585 by the coming weekend.
Negatively, if the bulls fail to hold the price, the ADA coin price will prepare to test its support level of $0.6970. Moreover, if the bears overpowered the bulls, it will plunge and prepare to test its lower support level of $0.6363 during the upcoming days.
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