Cardano‘s price underwent a crucial recovery throughout the February and March trade and successfully sustains above $1. Woefully, in the times when the asset was primed to test the crucial resistance at $1.2, a huge pullback dragged the price to the lower support at $1. No doubt the price holds these levels pretty strong, but if these levels are lost again, the ADA price may fall into another consolidation and also begin with a descending trend.
However, the recent developments like IOHK collaborating with Ariob, African based incubator may turn the tables for the asset. As said the collaboration is mainly focused to enhance the growth of projects funded by Cardano’s innovation engine, Project catalyst. And hence the expansion may pave way for more greener days incoming for the ADA price which is swinging in a decisive phase.
- The ADA price after completing the cup n handle pattern appears to be struggling to break out from the consolidation
- Moreover, the price is unable to decide the next leg and hence remains within a very important decisive phase
- After the bounce from the lower support of the channel, the price fails to reach the resistance and hence displays a sceptical move
- If the price clears the middle ranges of the channel then it may soon reach the upper resistance and with a significant volume may breakout from the consolidation to hit $1.2
- Else if it fails to hold the crucial $1 support levels then a drop beyond these levels may ignite a significant descending trend extracting the strength of the Cardano(ADA) price rally.
- However, clearing the $1.2 levels may pave way for the price to test the upper target at $1.5 initially and later at $1.6 or $1.8.
Source: https://coinpedia.org/price-analysis/cardano-ada-price-aims-at-50-upswing-to-hit-1-5-in-q2-2022/