Attention Traders!! This Altcoin May Come-Out to be the Best Bet of 2022!

Cardano’s price has been lucrative throughout the year 2020-21. The asset rallied more than 15,000% since then to hit the ATH above $3 from the lower areas around $0.1. However, the asset has faced a major rejection here and since then continues to maintain a deep descending trend. Despite the current narrow accumulation, ADA price appears to be one of the best altcoins, traders can bet upon. 

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Cardano(ADA) Technical Analysis

The technical analysis showcases a notable opportunity to flip the bearish trend and act accordingly. The ADA price held the strong support at $1 for quite a long and bounced off these levels multiple times. Woefully this support have currently flipped into strong resistance. This may be attained as the assets test the crucial resistance at $0.843.

• The Relative Strength Index in the HTF has just made a flip from lower levels. But fails to break the descending trend line. However, with yet another attempt, the trend line may be tested and cleared effectively.

• The MACD is about to roll out a huge ‘buy’ signal after being bearish for more than a week. And hence with an ease in the selling volume, buying volume may accumulate and uplift the price towards next levels

• On the other hand, the Fair Value GAP(FVG)is a gap formed when price quickly  moves away from a point. And when the momentum is weakened, the asset tends to explode lower and fill the gap. In case of ADA price, this gap is in between $0.365 to $0.746 which is still open. And hence a breakdown form $0.84 support may allow the market makers to fill this gap and ignite a huge rally

• Yet the Volume Profile Gap, which displays the cluster or area where maximum traders have occurred is in between $0.84 to $0.39. And hence plunging below these levels means attracting yet another massive volume onto the platform. 

Also Read: What’s Awaited with the Ripple’s Price, Despite Bearish Prediction, XRP Thrives to Hit $1!

Cardano(ADA) Price Analysis

• The ADA price ever since smashed its highs in September 2021, is following a deep descending trend which has dragged the price to its initial positions

• Each attempt of the asset is to flip the bearish trend is going in vaina s the ADA price constantly tests the lower highs and lows

• However, the trend is currently elevated from the lower bands towards the upper levels and hence a probable scenario of a strong flip appears to be round the corner. 

• Yet to do so a notable uptrend needs to be certified which may be done after the asset surpasses and sustains above $1 initially and later at $1.48.