Cardano price sustains around $0.5 despite immense bearish pressure that clearly indicates the tendency of the asset to break above the consolidation
While the other altcoins have already made a 50% move, ADA price which remained calm till now may intensify its upswing very soon
Cardano‘s price in recent times is eyeing the target of around $0.7 after undergoing an upswing of nearly 40%. The asset recently broke out from a bullish pattern and hence preparing to reclaim the crucial resistance. While the consecutive delays in the Vasil Hard Fork appear to have created a hindrance to the ADA price rally, experts believe the asset is primed to reach $0.7 before the end of the monthly trade.
ADA/USDT Price Analysis for the Long Term
- The ADA price in the long term is still swinging within a bearish descending triangle and hence carries the possibility of continuation of a bearish trend
- The asset is facing constant rejections at $0.55 and once these levels become weaker, then a strong upward push uplifts the price above the bearish captivity
- However, in the meantime, if the current descending trend continues the possibility of the asset visiting the lower support at $0.46 or $0.45
- The RSI is incremental while MACD is also pretty bullish, raising towards the upper bands. Therefore, a substantial upswing appears to be imminent
ADA/USDT Price Analysis for the Short Term
- The ADA price in the short-term displays equal possibilities of a breakout and a breakdown in the next couple of days
- The Bollinger bands also began to squeeze indicating a squeeze in the volatility as the resistance levels are dropping while the support levels are coiling up
- Therefore, the more the bands get squeezed, the more the chances of a strong breakout, regardless of the direction
- However, in case of a breakout, the price may range high to surge beyond $0.53 or in case of a bearish plunge, the price could drop below $0.48
Collectively, Cardano is displaying a significant bullish reversal in all the time frames and hence the bulls are required to hold the price firmly in case the bear strengthened their position. Therefore, the upcoming weekend may turn the tables for the ADA price as the asset may undergo an extreme price action.
Source: https://coinpedia.org/price-analysis/cardanoada-price-setting-up-a-bullish-trend-may-surge-more-than-26-in-the-next-10-days/